Newmont (NYSE:NEM) Upgraded to “Strong-Buy” at Barclays

Barclays upgraded shares of Newmont (NYSE:NEM) to a strong-buy rating in a research note released on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on NEM. National Bank Financial raised their price objective on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. The Goldman Sachs Group raised their price objective on shares of Newmont from $123.20 to $125.10 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Canadian Imperial Bank of Commerce reduced their price objective on shares of Newmont from $177.00 to $176.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 21st. Finally, BMO Capital Markets raised their price objective on shares of Newmont from $140.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.05.

Newmont Price Performance

NEM opened at $107.74 on Thursday. Newmont has a one year low of $51.80 and a one year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The company’s 50 day simple moving average is $111.03 and its 200-day simple moving average is $108.00. The stock has a market capitalization of $115.02 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.55 and a beta of 0.43.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 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 business had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same period in the prior year, the firm earned $1.25 earnings per share. Newmont’s revenue was up 45.8% compared to the same quarter last year. Sell-side analysts anticipate that Newmont will post 9.47 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont’s dividend payout ratio (DPR) is 13.49%.

Insider Activity

In other Newmont news, insider David John Thornton sold 2,296 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $330,330.00. Following the completion of the sale, the executive vice president owned 49,315 shares in the company, valued at approximately $5,430,074.65. This trade represents a 5.73% 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. In the last ninety days, insiders have sold 43,068 shares of company stock valued at $4,769,475. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Hedge funds have recently bought and sold shares of the company. Apella Capital LLC boosted its position in shares of Newmont by 4.1% during the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock valued at $219,000 after acquiring an additional 86 shares during the last quarter. New Wave Wealth Advisors LLC boosted its position in shares of Newmont by 1.3% during the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock valued at $684,000 after acquiring an additional 88 shares during the last quarter. Novem Group boosted its position in shares of Newmont by 3.7% during the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock valued at $248,000 after acquiring an additional 88 shares during the last quarter. Norden Group LLC boosted its position in shares of Newmont by 0.7% during the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after acquiring an additional 90 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in shares of Newmont by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock valued at $714,000 after acquiring an additional 96 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.