Newmont (NYSE:NEM) Given New $120.00 Price Target at National Bankshares

Newmont (NYSE:NEM) had its target price lifted by National Bankshares from $110.00 to $120.00 in a research note released on Tuesday,BayStreet.CA reports. They currently have an outperform rating on the basic materials company’s stock.

Several other analysts have also recently commented on the stock. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. Bank of America increased their price target on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Wall Street Zen lowered Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. UBS Group boosted their target price on Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Finally, Citigroup raised their price target on Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $96.37.

Newmont Trading Up 5.8%

Shares of NEM stock opened at $94.15 on Tuesday. The company has a market capitalization of $102.74 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The business’s 50 day moving average is $87.20 and its two-hundred day moving average is $73.31. Newmont has a twelve month low of $36.86 and a twelve month high of $98.58.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping 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 in the prior year, the business earned $0.81 earnings per share. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities analysts forecast that Newmont will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,240 shares of company stock worth $943,985 in the last three months. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP increased its holdings in Newmont by 8.8% during the 3rd quarter. Allworth Financial LP now owns 13,155 shares of the basic materials company’s stock valued at $1,109,000 after acquiring an additional 1,065 shares in the last quarter. IFP Advisors Inc grew its position in shares of Newmont by 15.4% in the third quarter. IFP Advisors Inc now owns 68,111 shares of the basic materials company’s stock valued at $5,743,000 after purchasing an additional 9,113 shares during the last quarter. Swiss Life Asset Management Ltd increased its stake in shares of Newmont by 3.4% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 316,208 shares of the basic materials company’s stock worth $26,659,000 after purchasing an additional 10,465 shares in the last quarter. CMC Financial Group acquired a new position in shares of Newmont during the 3rd quarter worth approximately $342,000. Finally, Cambria Investment Management L.P. lifted its stake in Newmont by 1,187.2% in the 3rd quarter. Cambria Investment Management L.P. now owns 120,031 shares of the basic materials company’s stock valued at $10,120,000 after buying an additional 110,706 shares in the last quarter. 68.85% of the stock is currently 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.