Analysts Set Newmont Co. (NYSE:NEM) Target Price at $60.53

Shares of Newmont Co. (NYSE:NEM – Get Rating) have been assigned an average recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $60.53.

NEM has been the subject of several analyst reports. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $59.00 to $53.00 in a report on Tuesday, February 14th. Fundamental Research set a $51.92 price objective on Newmont and gave the stock a “buy” rating in a research report on Tuesday, March 7th. StockNews.com assumed coverage on shares of Newmont in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Raymond James cut their price target on Newmont from $58.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday, May 16th. Finally, Citigroup lowered their price objective on shares of Newmont from $70.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 4th.

Newmont Stock Down 2.8 %

NEM opened at $40.64 on Tuesday. The stock’s fifty day simple moving average is $47.72 and its 200 day simple moving average is $47.67. Newmont has a 1-year low of $37.45 and a 1-year high of $70.16. The stock has a market cap of $32.30 billion, a PE ratio of -61.57, a price-to-earnings-growth ratio of 1.73 and a beta of 0.33. The company has a current ratio of 2.38, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM – Get Rating) last released its quarterly earnings results on Thursday, April 27th. The basic materials company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.07. Newmont had a negative net margin of 4.55% and a positive return on equity of 6.05%. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the firm earned $0.69 EPS. The business’s revenue was down 11.4% on a year-over-year basis. As a group, research analysts expect that Newmont will post 2.42 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.94%. Newmont’s dividend payout ratio is currently -242.42%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $48.92, for a total transaction of $538,120.00. Following the completion of the sale, the chief executive officer now directly owns 311,039 shares of the company’s stock, valued at approximately $15,216,027.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $44.25, for a total value of $132,750.00. Following the completion of the transaction, the chief operating officer now directly owns 87,751 shares in the company, valued at $3,882,981.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $48.92, for a total value of $538,120.00. Following the completion of the transaction, the chief executive officer now owns 311,039 shares of the company’s stock, valued at $15,216,027.88. The disclosure for this sale can be found here. Insiders have sold a total of 42,000 shares of company stock valued at $1,973,020 in the last 90 days. 0.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the stock. Hexagon Capital Partners LLC lifted its position in Newmont by 12.6% in the fourth quarter. Hexagon Capital Partners LLC now owns 1,650 shares of the basic materials company’s stock valued at $78,000 after purchasing an additional 185 shares during the last quarter. Lesa Sroufe & Co grew its position in shares of Newmont by 0.3% in the 4th quarter. Lesa Sroufe & Co now owns 62,574 shares of the basic materials company’s stock worth $2,953,000 after buying an additional 191 shares during the period. Fruth Investment Management grew its position in shares of Newmont by 0.6% in the 4th quarter. Fruth Investment Management now owns 31,099 shares of the basic materials company’s stock worth $1,467,000 after buying an additional 200 shares during the period. Lowe Wealth Advisors LLC boosted its position in shares of Newmont by 7.2% in the 4th quarter. Lowe Wealth Advisors LLC now owns 2,965 shares of the basic materials company’s stock worth $140,000 after purchasing an additional 200 shares in the last quarter. Finally, Jeppson Wealth Management LLC raised its position in shares of Newmont by 2.2% in the 1st quarter. Jeppson Wealth Management LLC now owns 9,998 shares of the basic materials company’s stock worth $490,000 after purchasing an additional 216 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors.

About Newmont

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.