Newmont (NYSE:NEM) Price Target Raised to $57.00

Newmont (NYSE:NEM) had its target price boosted by BMO Capital Markets from $56.00 to $57.00 in a research report released on Thursday, Benzinga reports. They currently have an outperform rating on the basic materials company’s stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group upgraded shares of Newmont from a neutral rating to a buy rating and lifted their price target for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. StockNews.com raised shares of Newmont from a sell rating to a hold rating in a report on Friday, April 26th. Sanford C. Bernstein cut their price target on Newmont from $46.00 to $45.00 and set a market perform rating on the stock in a research note on Thursday, May 16th. Jefferies Financial Group raised their price target on Newmont from $50.00 to $54.00 and gave the stock a buy rating in a research report on Friday, July 12th. Finally, BNP Paribas upgraded Newmont to a strong-buy rating in a report on Friday, June 21st. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Newmont has an average rating of Moderate Buy and an average target price of $50.00.

Newmont Stock Up 2.3 %

NYSE NEM opened at $46.73 on Thursday. The stock has a market capitalization of $53.89 billion, a P/E ratio of -17.50, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. Newmont has a 52 week low of $29.42 and a 52 week high of $48.97. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.90 and a current ratio of 2.11. The stock has a fifty day moving average of $43.39 and a 200-day moving average of $38.78.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 earnings per share. On average, equities research analysts forecast that Newmont will post 2.67 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the sale, the chief executive officer now directly 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 Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently bought and sold shares of the company. Meeder Advisory Services Inc. grew its stake in shares of Newmont by 3.8% during the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 278 shares in the last quarter. Moody National Bank Trust Division boosted its position in shares of Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after acquiring an additional 296 shares during the period. Berkeley Capital Partners LLC grew its stake in shares of Newmont by 5.6% in the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after acquiring an additional 318 shares in the last quarter. Crestmont Private Wealth LLC increased its position in Newmont by 4.9% during the first quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock worth $246,000 after acquiring an additional 319 shares during the period. Finally, Gulf International Bank UK Ltd raised its stake in Newmont by 0.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 98,992 shares of the basic materials company’s stock worth $3,547,000 after purchasing an additional 338 shares in the last quarter. Institutional investors and hedge funds 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.