Newmont Co. (NYSE:NEM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Newmont Co. (NYSE:NEM) has earned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $51.46.

NEM has been the subject of a number of research reports. Jefferies Financial Group raised their price target on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. Bank of America raised their price target on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $48.00 to $59.00 in a report on Monday, August 19th. BMO Capital Markets raised their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Thursday, August 29th.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,000 shares of company stock worth $2,744,700. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

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

Newmont Price Performance

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 firm has a market cap of $61.63 billion, a PE ratio of -20.12, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. Newmont has a 12 month low of $29.42 and a 12 month high of $54.25. The company’s 50-day moving average price is $49.32 and its two-hundred day moving average price is $42.88.

Newmont (NYSE:NEM) last released its quarterly earnings results 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 business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 EPS. On average, equities analysts anticipate that Newmont will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

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

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.