Newmont (NYSE:NEM) Price Target Raised to $58.00

Newmont (NYSE:NEM) had its price objective boosted by Bernstein Bank from $55.00 to $58.00 in a report published on Monday morning.

Several other brokerages have also issued reports on NEM. Veritas upgraded shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Royal Bank of Canada reduced their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Finally, CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Trading Down 1.4 %

NYSE:NEM traded down $0.59 during trading hours on Monday, hitting $41.74. The company had a trading volume of 1,493,559 shares, compared to its average volume of 10,429,575. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a market cap of $47.52 billion, a P/E ratio of -27.86, a P/E/G ratio of 0.37 and a beta of 0.51. The company has a 50-day moving average of $51.95 and a 200 day moving average of $47.46. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) 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 analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 earnings per share. Sell-side analysts expect that Newmont will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.40%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is -65.79%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Several institutional investors have recently bought and sold shares of NEM. Red Cedar Investment Management LLC purchased a new stake in shares of Newmont in the third quarter valued at about $1,263,000. Bessemer Group Inc. boosted its holdings in Newmont by 7.5% in the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 529 shares in the last quarter. Herr Investment Group LLC acquired a new position in Newmont during the 2nd quarter worth approximately $419,000. Truist Financial Corp lifted its holdings in shares of Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after buying an additional 11,276 shares during the period. Finally, Cetera Trust Company N.A acquired a new stake in shares of Newmont in the 3rd quarter valued at approximately $705,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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.