Newmont Co. (NYSE:NEM – Get Rating) – Stock analysts at National Bank Financial upped their FY2022 earnings per share (EPS) estimates for Newmont in a report issued on Monday, April 25th. National Bank Financial analyst M. Parkin now expects that the basic materials company will earn $3.28 per share for the year, up from their previous forecast of $3.27. National Bank Financial currently has a “Sector Perform” rating and a $94.28 target price on the stock.
Other research analysts have also recently issued reports about the company. Fundamental Research upped their price objective on Newmont from $61.10 to $73.44 and gave the stock a “buy” rating in a research report on Tuesday, March 1st. Raymond James reduced their price objective on Newmont from $92.00 to $88.00 and set an “outperform” rating for the company in a research report on Monday. Bank of America upped their price objective on Newmont from $70.00 to $75.00 in a research report on Monday, February 28th. StockNews.com initiated coverage on Newmont in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, TD Securities reduced their price objective on Newmont from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Monday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $74.30.
Newmont (NYSE:NEM – Get Rating) last announced its quarterly earnings results on Friday, April 22nd. The basic materials company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.02). Newmont had a return on equity of 10.19% and a net margin of 9.54%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.06 billion. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last 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. The ex-dividend date is Wednesday, June 1st. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.05%. Newmont’s payout ratio is 167.94%.
In other news, EVP Nancy Lipson sold 19,866 shares of the stock in a transaction that occurred on Wednesday, March 30th. The stock was sold at an average price of $79.00, for a total transaction of $1,569,414.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 7,000 shares of the stock in a transaction that occurred on Tuesday, February 1st. The stock was sold at an average price of $62.00, for a total value of $434,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,343 shares of company stock valued at $4,838,533. Insiders own 0.11% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. GQG Partners LLC increased its stake in Newmont by 126,528.2% during the 4th quarter. GQG Partners LLC now owns 11,371,214 shares of the basic materials company’s stock worth $705,131,000 after acquiring an additional 11,362,234 shares during the period. Norges Bank bought a new position in Newmont during the 4th quarter worth $489,639,000. Invesco Ltd. increased its stake in Newmont by 44.2% during the 3rd quarter. Invesco Ltd. now owns 10,151,231 shares of the basic materials company’s stock worth $551,212,000 after acquiring an additional 3,109,683 shares during the period. Van ECK Associates Corp increased its stake in Newmont by 6.0% during the 4th quarter. Van ECK Associates Corp now owns 39,746,651 shares of the basic materials company’s stock worth $2,465,087,000 after acquiring an additional 2,256,671 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Newmont by 10,363.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,207,852 shares of the basic materials company’s stock worth $136,931,000 after acquiring an additional 2,186,752 shares during the period. Institutional investors own 76.72% of the company’s stock.
Newmont Company Profile (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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