Newmont Corporation (NYSE:NEM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Newmont Corporation (NYSE:NEM) have received a consensus rating of “Moderate Buy” from the twenty-four research firms that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $136.2571.

Several equities research analysts have commented on NEM shares. Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Argus lifted their price target on Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Barclays dropped their price target on shares of Newmont from $133.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Jefferies Financial Group reduced their price objective on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Finally, Bank of America dropped their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th.

Newmont Price Performance

NEM stock opened at $95.88 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The firm has a 50 day moving average price of $100.68 and a 200-day moving average price of $110.11. Newmont has a 52-week low of $59.96 and a 52-week high of $134.88. The firm has a market capitalization of $102.35 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.10 and a beta of 0.46.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the business posted $1.25 EPS. The firm’s quarterly revenue was up 45.8% compared to the same quarter last year. Equities research analysts forecast that Newmont will post 8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last three months, insiders sold 28,556 shares of company stock valued at $3,058,146. 0.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Hedge funds have recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont in the 1st quarter worth $25,000. Pinnacle Bancorp Inc. purchased a new stake in Newmont during the first quarter valued at $25,000. GoalVest Advisory LLC purchased a new stake in Newmont during the fourth quarter valued at $25,000. Swiss RE Ltd. bought a new position in Newmont in the fourth quarter valued at about $26,000. Finally, Cornerstone Planning Group LLC boosted its position in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont

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.