Newmont Corporation (NYSE:NEM) Given Average Rating of “Buy” by Brokerages

Shares of Newmont Corporation (NYSE:NEM) have received an average recommendation of “Buy” from the twenty-two ratings firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $133.7842.

NEM has been the topic of several recent research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. Citigroup raised their target price on shares of Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Scotiabank lowered their target price on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a report on Friday, March 20th. BMO Capital Markets lowered their target price on shares of Newmont from $145.00 to $140.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Finally, Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $121.00 to $157.00 in a report on Friday, February 27th.

Newmont Stock Down 1.2%

Newmont stock opened at $112.67 on Tuesday. The stock has a market cap of $121.68 billion, a P/E ratio of 17.63, a P/E/G ratio of 0.88 and a beta of 0.46. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. Newmont has a twelve month low of $42.93 and a twelve month high of $134.88. The company’s 50-day moving average price is $115.86 and its two-hundred day moving average price is $101.91.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, topping the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.18 billion. During the same period last year, the firm earned $1.40 earnings per share. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. As a group, analysts expect that Newmont will post 3.45 EPS for the current year.

Newmont Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. This is a positive change from Newmont’s previous quarterly dividend of $0.25. Newmont’s dividend payout ratio (DPR) is 16.28%.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the sale, the executive vice president owned 52,315 shares in the company, valued at $5,916,303.35. This trade represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the sale, the insider owned 17,147 shares in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,394 shares of company stock worth $2,713,281 in the last quarter. 0.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

Hedge funds have recently modified their holdings of the business. GoalVest Advisory LLC acquired a new position in shares of Newmont during the fourth quarter worth $25,000. Physician Wealth Advisors Inc. lifted its holdings in shares of Newmont by 327.8% during the third 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 during the period. Swiss RE Ltd. acquired a new position in shares of Newmont during the fourth quarter worth $26,000. Cornerstone Planning Group LLC lifted its holdings in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in shares of Newmont during the third quarter worth $27,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.