Newmont Corporation (NYSE:NEM) Receives $142.05 Consensus Price Target from Brokerages

Newmont Corporation (NYSE:NEM) has received an average recommendation of “Moderate Buy” from the twenty-four analysts that are currently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $141.5286.

Several analysts have recently issued reports on NEM shares. Macquarie Infrastructure boosted their price target on shares of Newmont from $130.00 to $133.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. TD boosted their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research note on Monday, April 27th. Argus boosted their price objective on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Weiss Ratings cut shares of Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday. Finally, TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the transaction, the executive vice president owned 49,315 shares of the company’s stock, valued at approximately $5,430,074.65. The trade was a 5.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 43,068 shares of company stock worth $4,769,475 in the last three months. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently bought and sold shares of NEM. Norges Bank purchased a new position in Newmont in the 4th quarter worth approximately $1,443,128,000. Van ECK Associates Corp grew its stake in Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Newmont by 110.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock worth $873,011,000 after buying an additional 4,588,018 shares in the last quarter. AQR Capital Management LLC grew its stake in Newmont by 82.5% in the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock worth $739,117,000 after buying an additional 3,345,543 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Newmont by 398.3% in the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after buying an additional 2,294,396 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $109.60 on Wednesday. The company’s 50 day moving average is $110.89 and its 200-day moving average is $108.96. Newmont has a 12-month low of $51.80 and a 12-month high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The firm has a market cap of $117.01 billion, a P/E ratio of 14.22 and a beta of 0.43.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. Sell-side analysts predict that Newmont will post 9.72 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s payout ratio is currently 13.49%.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.