Newmont (NYSE:NEM) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of Newmont (NYSE:NEM) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday morning.

A number of other research firms have also weighed in on NEM. Royal Bank Of Canada increased their price target on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. CIBC set a $112.00 price target on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial set a $99.00 price target on Newmont and gave the company an “outperform” rating in a research report on Friday, October 24th. Bank of America increased their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, Stifel Canada upgraded Newmont to a “strong-buy” rating in a research report on Tuesday, July 8th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Buy” and an average target price of $86.92.

Newmont Trading Down 3.4%

Shares of NEM stock opened at $78.84 on Friday. The stock has a 50-day simple moving average of $82.59 and a 200 day simple moving average of $67.06. Newmont has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The stock has a market capitalization of $86.04 billion, a P/E ratio of 12.24, a P/E/G ratio of 0.53 and a beta of 0.34. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business posted $0.81 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. On average, sell-side analysts expect that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio is currently 15.53%.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares of the company’s stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the business. Premier Path Wealth Partners LLC lifted its stake in Newmont by 3.2% in the 3rd quarter. Premier Path Wealth Partners LLC now owns 8,909 shares of the basic materials company’s stock worth $751,000 after acquiring an additional 273 shares in the last quarter. Westside Investment Management Inc. raised its stake in shares of Newmont by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 578 shares of the basic materials company’s stock worth $50,000 after purchasing an additional 289 shares in the last quarter. Strengthening Families & Communities LLC raised its stake in shares of Newmont by 2,051.0% during the 3rd quarter. Strengthening Families & Communities LLC now owns 46,762 shares of the basic materials company’s stock worth $3,860,000 after purchasing an additional 44,588 shares in the last quarter. Physician Wealth Advisors Inc. raised its stake in shares of Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Finally, Simmons Bank raised its stake in shares of Newmont by 5.0% during the 3rd quarter. Simmons Bank now owns 5,325 shares of the basic materials company’s stock worth $449,000 after purchasing an additional 254 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.