Newmont Corporation (NYSE:NEM) Receives $57.68 Consensus Price Target from Brokerages

Newmont Corporation (NYSE:NEM) has been given a consensus recommendation of “Moderate Buy” by the nineteen ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $57.68.

A number of equities research analysts have weighed in on the company. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Cfra Research upgraded Newmont to a “strong-buy” rating in a research report on Friday, April 25th. Raymond James Financial reissued an “outperform” rating and set a $66.00 price objective on shares of Newmont in a report on Friday, April 25th. Finally, Scotiabank restated a “sector perform” rating on shares of Newmont in a research note on Monday, April 14th.

Newmont Price Performance

Shares of NYSE:NEM opened at $58.52 on Wednesday. The firm has a market capitalization of $65.13 billion, a PE ratio of 13.12, a PEG ratio of 0.98 and a beta of 0.31. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25. Newmont has a 1-year low of $36.86 and a 1-year high of $58.81. The business’s 50 day moving average is $53.45 and its 200-day moving average is $46.63.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.54. The business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. Newmont had a net margin of 25.77% and a return on equity of 15.75%. During the same period in the previous year, the business earned $0.55 EPS. Sell-side analysts predict that Newmont will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.71%. Newmont’s payout ratio is 22.42%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total transaction of $106,923.96. Following the completion of the sale, the director now directly owns 47,257 shares of the company’s stock, valued at $2,432,790.36. The trade was a 4.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the sale, the executive vice president now owns 77,526 shares of the company’s stock, valued at $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,154 shares of company stock valued at $381,539. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. SOA Wealth Advisors LLC. increased its holdings in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Newmont during the 1st quarter worth approximately $26,000. Colonial Trust Advisors raised its holdings in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after buying an additional 429 shares during the period. Private Trust Co. NA raised its holdings in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after buying an additional 347 shares during the period. Finally, Nexus Investment Management ULC bought a new position in Newmont in the first quarter valued at approximately $31,000. 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.