Newmont (NYSE:NEM) Price Target Raised to $65.00

Newmont (NYSE:NEM) had its target price raised by UBS Group from $50.00 to $65.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the basic materials company’s stock.

Other research analysts have also issued reports about the stock. Scotiabank raised shares of Newmont from a sector perform rating to a sector outperform rating and raised their price target for the company from $48.00 to $59.00 in a research note on Monday, August 19th. CIBC raised shares of Newmont from a neutral rating to a sector outperform rating and raised their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. BNP Paribas raised shares of Newmont to a strong-buy rating in a research note on Friday, June 21st. Cibc World Mkts raised shares of Newmont from a hold rating to a strong-buy rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. downgraded shares of Newmont from an overweight rating to a neutral rating in a report on Monday, July 8th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $52.62.

Newmont Price Performance

NYSE NEM opened at $53.52 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The stock’s fifty day moving average price is $49.97 and its 200 day moving average price is $43.33. Newmont has a 1 year low of $29.42 and a 1 year high of $54.93. The company has a market cap of $61.72 billion, a price-to-earnings ratio of -20.04, a PEG ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. As a group, equities research analysts forecast that Newmont will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Newmont during the 2nd quarter worth approximately $91,000. Heritage Wealth Management Inc. purchased a new stake in shares of Newmont during the 2nd quarter valued at $239,000. Sanctuary Advisors LLC bought a new position in shares of Newmont during the 2nd quarter worth $682,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Newmont during the 2nd quarter worth $754,000. Finally, Clearbridge Investments LLC boosted its stake in Newmont by 21.0% in the 2nd quarter. Clearbridge Investments LLC now owns 40,514 shares of the basic materials company’s stock worth $1,696,000 after purchasing an additional 7,020 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.