Credit Suisse Group Boosts Newmont (NYSE:NEM) Price Target to $54.00

Newmont (NYSE:NEMGet Rating) had its target price boosted by Credit Suisse Group to $54.00 in a research note released on Monday morning, Stock Target Advisor reports.

A number of other research analysts also recently issued reports on the company. Raymond James cut their price objective on Newmont from $60.00 to $58.00 and set an outperform rating for the company in a research note on Wednesday, November 2nd. Canaccord Genuity Group upgraded Newmont from a hold rating to a buy rating and cut their price objective for the company from $66.00 to $60.00 in a research note on Wednesday, July 27th. UBS Group upgraded Newmont from a neutral rating to a buy rating and set a $50.00 price objective for the company in a research note on Tuesday, September 6th. StockNews.com initiated coverage on Newmont in a research note on Wednesday, October 12th. They set a hold rating for the company. Finally, Eight Capital dropped their price target on Newmont to $58.00 in a research note on Thursday, October 27th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Newmont currently has an average rating of Hold and a consensus price target of $63.33.

Newmont Price Performance

NYSE NEM opened at $46.25 on Monday. Newmont has a 52 week low of $37.45 and a 52 week high of $86.37. The firm has a market capitalization of $36.71 billion, a P/E ratio of 36.75 and a beta of 0.25. The company has a quick ratio of 2.29, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $42.81 and a 200-day moving average price of $51.09.

Newmont (NYSE:NEMGet Rating) last released its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.02). The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Newmont had a net margin of 8.28% and a return on equity of 8.07%. Equities research analysts anticipate that Newmont will post 1.89 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 8th will be issued a dividend of $0.55 per share. The ex-dividend date is Wednesday, December 7th. This represents a $2.20 annualized dividend and a dividend yield of 4.76%. Newmont’s dividend payout ratio (DPR) is 174.60%.

Insider Transactions at Newmont

In other news, COO Robert D. Atkinson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $42.71, for a total transaction of $128,130.00. Following the sale, the chief operating officer now directly owns 42,947 shares of the company’s stock, valued at approximately $1,834,266.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Mark Casper sold 4,890 shares of the stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $41.98, for a total transaction of $205,282.20. Following the sale, the insider now owns 18,217 shares in the company, valued at approximately $764,749.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $42.71, for a total value of $128,130.00. Following the sale, the chief operating officer now owns 42,947 shares in the company, valued at approximately $1,834,266.37. The disclosure for this sale can be found here. Insiders have sold 32,890 shares of company stock valued at $1,405,502 in the last ninety days. Corporate insiders own 0.11% of the company’s stock.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Newmont by 0.8% during the 1st quarter. BlackRock Inc. now owns 92,339,052 shares of the basic materials company’s stock valued at $7,336,337,000 after buying an additional 703,555 shares during the period. Vanguard Group Inc. increased its stake in Newmont by 0.8% in the third quarter. Vanguard Group Inc. now owns 68,435,452 shares of the basic materials company’s stock worth $2,876,343,000 after purchasing an additional 561,193 shares during the period. State Street Corp increased its stake in Newmont by 0.7% in the first quarter. State Street Corp now owns 40,619,717 shares of the basic materials company’s stock worth $3,227,237,000 after purchasing an additional 270,396 shares during the period. GQG Partners LLC increased its stake in Newmont by 8.5% in the second quarter. GQG Partners LLC now owns 34,781,848 shares of the basic materials company’s stock worth $2,076,250,000 after purchasing an additional 2,710,957 shares during the period. Finally, Van ECK Associates Corp increased its stake in Newmont by 0.8% in the third quarter. Van ECK Associates Corp now owns 33,136,774 shares of the basic materials company’s stock worth $1,392,739,000 after purchasing an additional 260,505 shares during the period. Hedge funds and other institutional investors own 81.11% of the company’s stock.

About Newmont

(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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Analyst Recommendations for Newmont (NYSE:NEM)

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