Newmont Corporation (NYSE:NEM) Receives $131.94 Consensus Price Target from Brokerages

Newmont Corporation (NYSE:NEM) has received a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $132.8833.

NEM has been the subject of a number of recent analyst reports. Raymond James Financial upped their price target on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. Canaccord Genuity Group lifted their price target on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. UBS Group restated a “buy” rating and issued a $160.00 price objective on shares of Newmont in a report on Friday, January 30th. Finally, Scotiabank raised their target price on shares of Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GoalVest Advisory LLC bought a new stake in shares of Newmont during the 4th quarter valued at $25,000. Swiss RE Ltd. purchased a new position in Newmont during the 4th quarter valued at about $26,000. Cornerstone Planning Group LLC boosted its stake in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares in the last quarter. Lodestone Wealth Management LLC purchased a new stake in Newmont in the fourth quarter worth about $28,000. Finally, Laurel Wealth Advisors LLC bought a new position in shares of Newmont during the fourth quarter valued at approximately $30,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of Newmont stock opened at $122.16 on Monday. The company’s fifty day simple moving average is $113.12 and its two-hundred day simple moving average is $93.33. Newmont has a 12-month low of $41.23 and a 12-month high of $134.88. The firm has a market cap of $132.89 billion, a PE ratio of 19.12, a price-to-earnings-growth ratio of 1.02 and a beta of 0.40. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.40 earnings per share. As a group, equities analysts expect that Newmont will post 3.45 EPS for the current year.

Newmont Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, March 3rd. This is a positive change from Newmont’s previous quarterly dividend of $0.25. Newmont’s payout ratio is presently 15.65%.

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.