Newmont Corporation (NYSE:NEM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Newmont Corporation (NYSE:NEM) have been given an average rating of “Moderate Buy” by the twenty-four ratings firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $132.1143.

A number of brokerages have recently weighed in on NEM. TD Securities upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Jefferies Financial Group reduced their price target on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Raymond James Financial reissued an “outperform” rating and set a $140.00 price objective on shares of Newmont in a report on Monday, August 24th. BMO Capital Markets lowered their price objective on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group dropped their target price on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research note on Wednesday, July 1st.

Newmont Stock Down 2.1%

NYSE NEM opened at $126.05 on Friday. The stock’s 50 day simple moving average is $109.82 and its 200 day simple moving average is $109.72. Newmont has a one year low of $76.05 and a one year high of $135.29. The firm has a market cap of $132.82 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.81 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. The firm had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the previous year, the company posted $1.43 EPS. As a group, sell-side analysts forecast that Newmont will post 9.01 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Insider Buying and Selling

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the sale, the executive vice president directly owned 37,315 shares of the company’s stock, valued at $4,589,745. This trade represents a 7.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock worth $3,414,187 in the last quarter. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after buying an additional 1,847 shares during the last quarter. Woodline Partners LP boosted its stake in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after acquiring an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Newmont during the 2nd quarter worth $240,000. Cerity Partners LLC grew its holdings in Newmont by 108.9% during the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after acquiring an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Newmont by 8.5% during the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after acquiring an additional 3,856 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

About Newmont

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.