Fundamental Research Reiterates “Buy” Rating for Newmont (NYSE:NEM)

Fundamental Research restated their buy rating on shares of Newmont (NYSE:NEMGet Rating) in a research note released on Tuesday, Marketbeat.com reports. They currently have a $79.52 price target on the basic materials company’s stock.

NEM has been the subject of a number of other research reports. Jefferies Financial Group boosted their price objective on shares of Newmont from $67.00 to $72.00 and gave the company a hold rating in a report on Wednesday, March 9th. National Bank Financial cut shares of Newmont from an outperform rating to a sector perform rating and set a $94.28 price objective for the company. in a report on Wednesday, April 20th. They noted that the move was a valuation call. Sanford C. Bernstein cut shares of Newmont from an outperform rating to a market perform rating and set a $57.00 price objective for the company. in a report on Monday, April 25th. Credit Suisse Group cut shares of Newmont from an outperform rating to a neutral rating in a report on Tuesday, April 19th. Finally, Bank of America boosted their price objective on shares of Newmont from $70.00 to $75.00 in a report on Monday, February 28th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $74.69.

Shares of NYSE:NEM opened at $65.25 on Tuesday. Newmont has a one year low of $52.60 and a one year high of $86.37. The company has a 50 day moving average of $76.45 and a 200-day moving average of $65.98. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.92 and a quick ratio of 2.53. The stock has a market cap of $51.79 billion, a price-to-earnings ratio of 49.81 and a beta of 0.36.

Newmont (NYSE:NEMGet Rating) last issued its quarterly earnings results on Friday, April 22nd. The basic materials company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). Newmont had a return on equity of 10.24% and a net margin of 8.53%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the prior year, the firm earned $0.74 EPS. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities research analysts anticipate that Newmont will post 3.49 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 16th. Stockholders of record on Thursday, June 2nd will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Wednesday, June 1st. Newmont’s dividend payout ratio is presently 167.94%.

In other Newmont news, SVP Blake Rhodes sold 500 shares of the company’s stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $66.94, for a total value of $33,470.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Stephen P. Gottesfeld sold 4,000 shares of the company’s stock in a transaction on Thursday, May 12th. The shares were sold at an average price of $66.63, for a total transaction of $266,520.00. Following the completion of the transaction, the executive vice president now owns 87,753 shares in the company, valued at $5,846,982.39. The disclosure for this sale can be found here. In the last three months, insiders sold 69,843 shares of company stock worth $5,199,013. 0.11% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. J2 Capital Management Inc grew its stake in shares of Newmont by 2.4% in the first quarter. J2 Capital Management Inc now owns 5,656 shares of the basic materials company’s stock valued at $449,000 after acquiring an additional 130 shares in the last quarter. Private Capital Group LLC lifted its position in Newmont by 8.7% during the first quarter. Private Capital Group LLC now owns 1,692 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 135 shares during the period. Glassman Wealth Services lifted its position in Newmont by 21.8% during the first quarter. Glassman Wealth Services now owns 821 shares of the basic materials company’s stock worth $65,000 after purchasing an additional 147 shares during the period. Seelaus Asset Management LLC lifted its position in Newmont by 2.7% during the first quarter. Seelaus Asset Management LLC now owns 5,790 shares of the basic materials company’s stock worth $460,000 after purchasing an additional 150 shares during the period. Finally, Lee Johnson Capital Management LLC lifted its position in Newmont by 0.6% during the first quarter. Lee Johnson Capital Management LLC now owns 27,243 shares of the basic materials company’s stock worth $2,164,000 after purchasing an additional 160 shares during the period. Institutional investors and hedge funds own 78.41% of the company’s stock.

About Newmont (Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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