Newmont (NYSE:NEM) Stock Price Expected to Rise, UBS Group Analyst Says

Newmont (NYSE:NEM) had its price objective boosted by UBS Group from $60.00 to $68.00 in a research note issued to investors on Thursday,Benzinga reports. UBS Group currently has a buy rating on the basic materials company’s stock.

Other equities research analysts also recently issued reports about the stock. Raymond James Financial reiterated an “outperform” rating and issued a $66.00 target price on shares of Newmont in a research note on Friday, April 25th. Argus set a $63.00 price objective on Newmont in a research note on Friday, April 25th. Cfra Research raised Newmont to a “strong-buy” rating in a research report on Friday, April 25th. National Bank Financial upgraded Newmont to a “hold” rating in a research note on Friday, March 21st. Finally, National Bankshares reissued a “sector perform” rating on shares of Newmont in a report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Newmont Stock Down 0.3%

Newmont stock opened at $59.86 on Thursday. The company has a market cap of $66.62 billion, a P/E ratio of 13.42, a price-to-earnings-growth ratio of 0.79 and a beta of 0.33. Newmont has a 1-year low of $36.86 and a 1-year high of $60.31. The company has a fifty day simple moving average of $54.67 and a 200 day simple moving average of $48.25. 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 (NYSE:NEM) last released its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a net margin of 25.77% and a return on equity of 15.75%. During the same quarter last year, the firm earned $0.55 earnings per share. Research analysts anticipate that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Tuesday, May 27th. 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 dated Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the sale, the director owned 43,103 shares of the company’s stock, valued at approximately $2,532,301.25. The trade was a 4.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the sale, the executive vice president directly owned 74,526 shares of the company’s stock, valued at $4,378,402.50. The trade was a 3.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,231 shares of company stock valued at $679,813 in the last ninety days. 0.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NEM. Norges Bank bought a new stake in shares of Newmont in the fourth quarter valued at approximately $626,074,000. Nuveen LLC acquired a new stake in Newmont during the first quarter worth approximately $306,507,000. Pacer Advisors Inc. grew its position in Newmont by 4,203.5% during the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after buying an additional 5,251,616 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in Newmont during the fourth quarter worth approximately $92,693,000. Finally, Capital Research Global Investors grew its position in Newmont by 70.7% during the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company’s stock worth $210,105,000 after buying an additional 2,338,953 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Company Profile

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.