Brokerages Set Newmont Co. (NYSE:NEM) Price Target at $50.00

Newmont Co. (NYSE:NEM) has earned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $50.92.

A number of equities research analysts recently commented on NEM shares. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $48.00 to $59.00 in a research report on Monday. BMO Capital Markets raised 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. TD Securities upped their price objective on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a report on Friday, April 26th. Sanford C. Bernstein reduced their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Thursday, May 16th. Finally, Bank of America upped their price target on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th.

Newmont Price Performance

Newmont stock opened at $51.19 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The business has a 50 day simple moving average of $45.48 and a 200-day simple moving average of $40.26. Newmont has a 12 month low of $29.42 and a 12 month high of $51.39. The stock has a market capitalization of $59.03 billion, a PE ratio of -19.17, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont’s quarterly revenue was up 64.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. Equities analysts predict that Newmont will post 2.76 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.95%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction 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 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 legal filing with the SEC, which is available through this link. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently modified their holdings of the company. LRI Investments LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Newmont during the 2nd quarter worth $25,000. Manchester Capital Management LLC lifted its stake 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 purchasing an additional 397 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the second quarter worth $27,000. Finally, Heritage Wealth Advisors grew its position in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

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.