Barclays Trims Newmont (NYSE:NEM) Target Price to $54.00

Newmont (NYSE:NEMGet Rating) had its target price cut by Barclays from $55.00 to $54.00 in a research report report published on Monday morning, MarketBeat.com reports. They currently have an equal weight rating on the basic materials company’s stock.

A number of other analysts have also recently commented on NEM. Canaccord Genuity Group upgraded shares of Newmont from a hold rating to a buy rating and dropped their price target for the company from $66.00 to $60.00 in a research note on Wednesday, July 27th. Fundamental Research restated a buy rating and set a $52.00 price target (down from $63.91) on shares of Newmont in a research note on Tuesday, November 15th. Canaccord Genuity Group upgraded shares of Newmont from a hold rating to a buy rating and dropped their price target for the company from $66.00 to $60.00 in a research note on Wednesday, July 27th. Eight Capital dropped their price target on shares of Newmont to $58.00 in a research note on Thursday, October 27th. Finally, TheStreet cut shares of Newmont from a b- rating to a c+ rating in a research note on Thursday, September 22nd. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Newmont presently has an average rating of Hold and a consensus target price of $63.33.

Newmont Stock Up 0.3 %

NEM opened at $46.25 on Monday. 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 stock has a market cap of $36.71 billion, a price-to-earnings ratio of 36.71 and a beta of 0.25. Newmont has a twelve month low of $37.45 and a twelve month high of $86.37. The company’s 50-day moving average price is $42.88 and its two-hundred day moving average price is $51.06.

Newmont (NYSE:NEMGet Rating) last released its earnings results on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The company had revenue of $2.63 billion during 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%. As a group, equities analysts expect that Newmont will post 1.9 earnings per share for the current year.

Newmont Dividend Announcement

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

Insiders Place Their Bets

In other Newmont news, insider Mark Casper sold 4,890 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $41.98, for a total value of $205,282.20. Following the sale, the insider now owns 18,217 shares of the company’s stock, valued at approximately $764,749.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Mark Casper sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $41.98, for a total value of $205,282.20. Following the completion of the sale, the insider now directly owns 18,217 shares of the company’s stock, valued at approximately $764,749.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $43.02, for a total transaction of $129,060.00. Following the completion of the sale, the chief operating officer now directly owns 39,947 shares of the company’s stock, valued at $1,718,519.94. The disclosure for this sale can be found here. Insiders have sold a total of 32,890 shares of company stock valued at $1,405,502 in the last quarter. Insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacific Center for Financial Services purchased a new stake in shares of Newmont in the 1st quarter worth about $30,000. Hoey Investments Inc. purchased a new position in Newmont during the 2nd quarter valued at about $30,000. Crewe Advisors LLC lifted its position in Newmont by 98.0% during the 2nd quarter. Crewe Advisors LLC now owns 584 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 289 shares during the period. Herold Advisors Inc. purchased a new position in Newmont during the 1st quarter valued at about $48,000. Finally, Tcwp LLC purchased a new position in Newmont during the 1st quarter valued at about $48,000. 81.11% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

(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.

Further Reading

Analyst Recommendations for Newmont (NYSE:NEM)

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