Newmont (NYSE:NEM) Price Target Raised to $89.00

Newmont (NYSE:NEM) had its price target boosted by TD Securities from $67.00 to $89.00 in a research report report published on Wednesday,BayStreet.CA reports. They currently have a hold rating on the basic materials company’s stock.

A number of other research analysts have also recently weighed in on the stock. Stifel Nicolaus initiated coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective for the company. National Bankshares reissued an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. CIBC boosted their target price on shares of Newmont from $74.00 to $78.00 and gave the stock a “neutral” rating in a research note on Friday, September 12th. Finally, Macquarie cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.10.

Newmont Stock Down 0.2%

NEM opened at $85.07 on Wednesday. Newmont has a fifty-two week low of $36.86 and a fifty-two week high of $89.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a fifty day moving average of $76.77 and a two-hundred day moving average of $62.44. The stock has a market capitalization of $93.45 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 0.95 and a beta of 0.34.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the company earned $0.72 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, research analysts expect that Newmont will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, September 4th. Newmont’s dividend payout ratio is currently 17.95%.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the sale, the director owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock worth $1,132,065 in the last ninety days. 0.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently added to or reduced their stakes in the business. CHICAGO TRUST Co NA lifted its holdings in Newmont by 134.1% during the 3rd quarter. CHICAGO TRUST Co NA now owns 26,254 shares of the basic materials company’s stock worth $2,213,000 after buying an additional 15,038 shares in the last quarter. USA Financial Formulas acquired a new stake in Newmont during the 3rd quarter worth approximately $896,000. Sound Income Strategies LLC raised its holdings in shares of Newmont by 15.1% in the 3rd quarter. Sound Income Strategies LLC now owns 3,042 shares of the basic materials company’s stock valued at $259,000 after purchasing an additional 399 shares in the last quarter. Red Door Wealth Management LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at $277,000. Finally, Quotient Wealth Partners LLC raised its holdings in shares of Newmont by 6.9% in the 3rd quarter. Quotient Wealth Partners LLC now owns 5,304 shares of the basic materials company’s stock valued at $447,000 after purchasing an additional 343 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.