Newmont (NYSE:NEM) Price Target Raised to $67.00

Newmont (NYSE:NEM) had its price objective raised by UBS Group from $65.00 to $67.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

NEM has been the topic of a number of other research reports. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Jefferies Financial Group upped their price target on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.46.

Newmont Price Performance

Shares of NEM opened at $56.49 on Tuesday. Newmont has a 12-month low of $29.42 and a 12-month high of $57.32. The business has a 50-day simple moving average of $52.69 and a two-hundred day simple moving average of $46.11. 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 stock has a market cap of $65.14 billion, a PE ratio of -21.16, a PEG ratio of 0.43 and a beta of 0.50.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. The business’s revenue for the quarter was up 64.1% compared to the same quarter last year. Analysts anticipate that Newmont will post 3.1 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the company’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 $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the 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 $161,430.00. Following the completion of 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the 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 $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. raised its stake in shares of Newmont by 7.5% in the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 529 shares during the last quarter. Herr Investment Group LLC purchased a new stake in shares of Newmont during the second quarter valued at approximately $419,000. Truist Financial Corp increased its position in shares of Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after acquiring an additional 11,276 shares during the last quarter. Foundation Resource Management Inc. increased its position in shares of Newmont by 4.0% during the first quarter. Foundation Resource Management Inc. now owns 709,449 shares of the basic materials company’s stock valued at $25,427,000 after acquiring an additional 27,392 shares during the last quarter. Finally, Primoris Wealth Advisors LLC purchased a new stake in shares of Newmont during the second quarter valued at approximately $607,000. 68.85% of the stock is owned by hedge funds and other 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.