Analysts Set Newmont Corporation (NYSE:NEM) Target Price at $70.59

Newmont Corporation (NYSE:NEM) has received an average rating of “Moderate Buy” from the twenty-two brokerages that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and four have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $73.3786.

Several research firms have recently issued reports on NEM. Stifel Canada upgraded shares of Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. National Bank Financial upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Macquarie downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Raymond James Financial upped their price objective on Newmont from $77.00 to $84.00 and gave the company an “outperform” rating in a report on Tuesday.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the transaction, the director owned 38,949 shares of the company’s stock, valued at $2,905,205.91. The trade was a 5.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company’s stock, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock valued at $1,253,559 in the last quarter. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Hedge funds have recently modified their holdings of the stock. SOA Wealth Advisors LLC. lifted its holdings in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the first quarter valued at about $26,000. Colonial Trust Advisors boosted its holdings in shares of Newmont by 315.4% in the first 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. Concord Wealth Partners boosted its holdings in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after buying an additional 385 shares during the period. Finally, Evermay Wealth Management LLC increased its position in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 400 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Price Performance

Shares of NYSE NEM opened at $83.60 on Friday. The stock has a market cap of $91.83 billion, a P/E ratio of 15.01, a P/E/G ratio of 0.97 and a beta of 0.34. The firm’s 50-day simple moving average is $71.48 and its 200 day simple moving average is $59.44. Newmont has a fifty-two week low of $36.86 and a fifty-two week high of $86.62. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont’s dividend payout ratio is presently 17.95%.

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.