Analysts Set Newmont Co. (NYSE:NEM) Price Target at $51.46

Shares of Newmont Co. (NYSE:NEM) have received a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $51.46.

NEM has been the subject of several recent research reports. UBS Group raised Newmont from a “neutral” rating to a “buy” rating and upped their target price for the company from $40.00 to $50.00 in a report on Monday, June 17th. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Thursday, August 29th. BMO Capital Markets lifted their price target on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their target price for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th.

Newmont Trading Up 1.6 %

NYSE:NEM opened at $53.71 on Monday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a market cap of $61.63 billion, a PE ratio of -20.12, a P/E/G ratio of 0.37 and a beta of 0.49. Newmont has a 52 week low of $29.42 and a 52 week high of $54.25. The business’s 50 day moving average is $49.32 and its two-hundred day moving average is $42.88.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the company earned $0.33 earnings per share. The firm’s revenue was up 64.1% compared to the same quarter last year. On average, analysts predict that Newmont will post 2.82 EPS for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio is -37.45%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. In the last three months, insiders sold 56,000 shares of company stock valued at $2,744,700. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently made changes to their positions in the stock. LRI Investments LLC acquired a new stake in shares of Newmont during the 1st quarter worth approximately $25,000. Strategic Financial Concepts LLC acquired a new position in shares of Newmont in the 2nd quarter valued at $25,000. Manchester Capital Management LLC lifted its holdings in shares of Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the 2nd quarter valued at about $27,000. Finally, Heritage Wealth Advisors raised its position in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

About Newmont

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.