Newmont (NYSE:NEM) Price Target Cut to $53.00 by Analysts at Royal Bank of Canada

Newmont (NYSE:NEM) had its target price trimmed by Royal Bank of Canada from $54.00 to $53.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

Several other equities analysts also recently commented on NEM. Jefferies Financial Group boosted their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $48.00 to $59.00 in a report on Monday, August 19th. Finally, CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus target price of $54.85.

Newmont Stock Performance

Shares of Newmont stock opened at $48.42 on Thursday. The firm has a market cap of $55.56 billion, a PE ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The business’s fifty day simple moving average is $53.39 and its 200-day simple moving average is $46.93.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same quarter last year, the business posted $0.36 EPS. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. Equities analysts forecast that Newmont will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.07%. Newmont’s dividend payout ratio is presently -47.17%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently bought and sold shares of NEM. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Newmont by 13.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 139,631 shares of the basic materials company’s stock valued at $5,004,000 after acquiring an additional 16,902 shares in the last quarter. 180 Wealth Advisors LLC acquired a new position in Newmont during the 1st quarter worth approximately $207,000. Fifth Third Wealth Advisors LLC purchased a new position in shares of Newmont during the 1st quarter worth approximately $234,000. AMF Tjanstepension AB lifted its holdings in shares of Newmont by 7.9% in the 1st quarter. AMF Tjanstepension AB now owns 473,322 shares of the basic materials company’s stock valued at $16,982,000 after buying an additional 34,634 shares during the period. Finally, Citizens Business Bank purchased a new stake in shares of Newmont in the first quarter valued at approximately $596,000. 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.