Newmont (NYSE:NEM) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Newmont (NYSE:NEM) from a buy rating to a strong-buy rating in a research note released on Saturday morning.

A number of other analysts have also issued reports on the stock. Jefferies Financial Group lifted their price target on shares of Newmont from $162.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, April 10th. TD Securities restated a “hold” rating and issued a $129.00 price target on shares of Newmont in a research note on Monday, April 27th. Scotiabank dropped their price target on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research note on Friday, March 20th. DZ Bank raised shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. Finally, Royal Bank Of Canada lifted their price objective on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.51.

Newmont Stock Down 6.4%

Shares of NYSE:NEM opened at $108.93 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $111.96 and a 200 day simple moving average of $107.04. The firm has a market cap of $116.29 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.52 and a beta of 0.43. Newmont has a 12-month low of $48.61 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 earnings per share. On average, equities research analysts anticipate that Newmont will post 9.72 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the completion of the transaction, the executive vice president owned 49,315 shares of the company’s stock, valued at $5,430,074.65. The trade was a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 43,068 shares of company stock worth $4,769,475. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of NEM. Brighton Jones LLC boosted its holdings in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after acquiring an additional 1,847 shares during the period. Woodline Partners LP boosted its holdings in shares of Newmont by 40.7% during the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after acquiring an additional 27,813 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Newmont during the second quarter valued at $240,000. Cerity Partners LLC boosted its holdings in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock valued at $7,303,000 after acquiring an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after acquiring an additional 3,856 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.