Newmont (NYSE:NEM) Earns Underperform Rating from Analysts at CLSA

CLSA began coverage on shares of Newmont (NYSE:NEM) in a report published on Friday, Marketbeat reports. The brokerage issued an underperform rating on the basic materials company’s stock.

Several other equities analysts have also issued reports on NEM. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and decreased their price target for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Bernstein Bank increased their target price on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Jefferies Financial Group upped their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Performance

NYSE:NEM opened at $41.94 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a market cap of $47.75 billion, a price-to-earnings ratio of -27.59, a PEG ratio of 0.36 and a beta of 0.51. The stock has a fifty day moving average price of $49.09 and a 200-day moving average price of $47.49.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS. As a group, equities analysts anticipate that Newmont will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.38%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock worth $2,444,440 in the last ninety days. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently modified their holdings of the stock. Waverton Investment Management Ltd raised its holdings in shares of Newmont by 14.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after acquiring an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC bought a new position in shares of Newmont in the third quarter worth approximately $1,263,000. Bridgewater Associates LP raised its stake in Newmont by 1,947.6% in the third quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock valued at $38,035,000 after purchasing an additional 676,838 shares in the last quarter. Herr Investment Group LLC bought a new stake in Newmont during the second quarter valued at approximately $419,000. Finally, Truist Financial Corp grew its stake in Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after buying an additional 11,276 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.