Newmont Corporation (NYSE:NEM) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Newmont Corporation (NYSE:NEM) has been given a consensus rating of “Moderate Buy” by the twenty-five analysts that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $137.20.

Several research firms have commented on NEM. Canaccord Genuity Group decreased their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Barclays cut their price objective on shares of Newmont from $124.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Argus set a $110.00 price objective on shares of Newmont and gave the stock a “buy” rating in a research note on Monday, August 3rd. Finally, Scotiabank decreased their target price on shares of Newmont from $149.00 to $148.00 and set an “outperform” rating for the company in a research report on Tuesday.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $344,430.00. Following the completion of the transaction, the executive vice president owned 34,315 shares of the company’s stock, valued at $3,939,705.15. The trade was a 8.04% decrease in their position. The sale was disclosed in a filing with the SEC, 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 company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 35,973 shares of company stock valued at $3,927,169. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Newmont in the 2nd quarter valued at about $11,289,753,000. Van ECK Associates Corp purchased a new stake in Newmont during the second quarter worth about $671,197,000. Bank of New York Mellon Corp acquired a new stake in shares of Newmont during the second quarter worth about $1,219,505,000. First Eagle Investment Management LLC acquired a new stake in shares of Newmont during the second quarter worth about $241,820,000. Finally, Amundi acquired a new stake in shares of Newmont during the second quarter worth about $209,411,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Trading Down 4.7%

Shares of NYSE NEM opened at $106.60 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The stock has a market capitalization of $110.78 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 2.04 and a beta of 0.51. Newmont has a 1-year low of $78.60 and a 1-year high of $135.29. The business has a fifty day moving average price of $120.62 and a 200 day moving average price of $112.48.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter last year, the company earned $1.71 earnings per share. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that Newmont will post 9.11 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont’s payout ratio is currently 12.09%.

About Newmont

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.