Newmont (NYSE:NEM) Stock Price Target Raised at BMO Capital Markets

Newmont (NYSE:NEM) had its price target upped by BMO Capital Markets from $135.00 to $145.00 in a report released on Tuesday. They currently have an outperform rating on the basic materials company’s stock.

A number of other research analysts have also weighed in on NEM. Citigroup decreased their price objective on Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Barclays dropped their target price on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a report on Tuesday, July 28th. Bank of America decreased their price target on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. BNP Paribas Exane lowered their price target on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Finally, Argus set a $110.00 price objective on shares of Newmont in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.26.

Newmont Price Performance

Shares of Newmont stock opened at $117.09 on Tuesday. The stock has a market capitalization of $123.38 billion, a P/E ratio of 14.78, a PEG ratio of 1.62 and a beta of 0.52. The business has a 50 day simple moving average of $117.32 and a two-hundred day simple moving average of $109.80. Newmont has a 12 month low of $76.05 and a 12 month high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the company posted $1.43 earnings per share. As a group, analysts predict that Newmont will post 9.09 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont’s dividend payout ratio (DPR) is 13.13%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total transaction of $369,000.00. Following the transaction, the executive vice president owned 37,315 shares of the company’s stock, valued at approximately $4,589,745. The trade was a 7.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. The trade was a 5.43% 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 quarter, insiders have sold 29,091 shares of company stock valued at $3,137,047. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Several large investors have recently modified their holdings of NEM. Northwestern Mutual Wealth Management Co. purchased a new stake in Newmont during the 2nd quarter worth about $36,180,000. Asset One Wealth Management LLC acquired a new stake in shares of Newmont during the 2nd quarter worth about $2,866,000. Private Advisory Group LLC acquired a new position in Newmont in the second quarter valued at approximately $10,430,000. Commerce Bank purchased a new position in Newmont in the second quarter valued at approximately $3,418,000. Finally, Capital Financial Group Inc. Co. ADV purchased a new position in shares of Newmont in the 2nd quarter valued at $1,135,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.