Newmont Corporation (NYSE:NEM) Receives Consensus Rating of “Moderate Buy” from Brokerages

Newmont Corporation (NYSE:NEM) has received an average recommendation of “Moderate Buy” from the twenty-four research firms that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $132.7333.

NEM has been the topic of a number of analyst reports. Argus set a $110.00 price target on Newmont in a research note on Monday, August 3rd. TD upped their target price on shares of Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. National Bank Financial lowered their price objective on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. TD Securities raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a research note on Friday, August 14th.

Newmont Price Performance

Shares of NYSE NEM opened at $127.28 on Friday. The firm’s 50-day simple moving average is $108.53 and its 200 day simple moving average is $109.67. The stock has a market cap of $134.11 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.80 and a beta of 0.52. Newmont has a fifty-two week low of $75.45 and a fifty-two week high of $135.29. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the company earned $1.43 earnings per share. Equities analysts expect that Newmont will post 9.01 EPS for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total transaction of $369,000.00. Following the transaction, the executive vice president directly owned 37,315 shares of the company’s stock, valued at approximately $4,589,745. This trade represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 32,091 shares of company stock worth $3,414,187 over the last three months. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NEM. California State Teachers Retirement System grew its stake in shares of Newmont by 9,010.9% in the second quarter. California State Teachers Retirement System now owns 155,311,124 shares of the basic materials company’s stock worth $14,506,059,000 after acquiring an additional 153,606,457 shares during the period. BlackRock Inc. purchased a new stake in Newmont in the 2nd quarter worth $11,289,753,000. State Street Corp boosted its stake in Newmont by 1.0% during the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock valued at $4,988,491,000 after buying an additional 480,223 shares during the last quarter. Van ECK Associates Corp bought a new stake in Newmont in the second quarter worth $671,197,000. Finally, Geode Capital Management LLC raised its position in shares of Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after buying an additional 946,824 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.