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

Newmont Co. (NYSE:NEM) has earned an average rating of “Moderate Buy” from the sixteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $54.85.

NEM has been the subject of a number of analyst reports. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Bernstein Bank lifted their target price on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Jefferies Financial Group increased their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. LRI Investments LLC acquired a new stake in shares of Newmont in the 1st quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont in the second quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in shares of Newmont during the 2nd quarter worth about $27,000. Hoese & Co LLP acquired a new position in shares of Newmont during the 3rd quarter valued at about $27,000. Finally, Avior Wealth Management LLC raised its stake in shares of Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NYSE:NEM opened at $43.37 on Friday. The business’s 50-day simple moving average is $50.23 and its 200 day simple moving average is $47.42. The company has a market cap of $49.37 billion, a P/E ratio of -28.53, a PEG ratio of 0.36 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS. On average, sell-side analysts forecast that Newmont will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

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.