Brokerages Set Newmont Corporation (NYSE:NEM) Price Target at $132.11

Shares of Newmont Corporation (NYSE:NEM) have been given a consensus recommendation of “Moderate Buy” by the twenty-four brokerages that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $132.4952.

Several research analysts recently issued reports on NEM shares. Argus set a $110.00 target price on Newmont in a research report on Monday, August 3rd. BNP Paribas Exane reduced their target price on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. Canaccord Genuity Group decreased their price target on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Weiss Ratings lowered shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Finally, TD upped their target price on Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president owned 40,315 shares of the company’s stock, valued at $3,767,436.75. This represents a 6.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the sale, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 32,091 shares of company stock valued at $3,292,513. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Newmont in the 2nd quarter worth about $11,289,753,000. Norges Bank acquired a new stake in shares of Newmont in the fourth quarter worth $1,443,128,000. Bank of New York Mellon Corp acquired a new stake in Newmont in the 2nd quarter valued at $1,219,505,000. Deutsche Bank AG acquired a new stake in shares of Newmont in the second quarter valued at about $911,180,000. Finally, Van ECK Associates Corp raised its stake in shares of Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.5%

NEM stock opened at $117.77 on Monday. The stock has a market capitalization of $124.09 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. Newmont has a twelve month low of $67.20 and a twelve month high of $134.88. The firm’s fifty day simple moving average is $98.46 and its two-hundred day simple moving average is $108.99. 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 quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the previous year, the company earned $1.43 EPS. As a group, analysts anticipate that Newmont will post 9 earnings per share 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 issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont’s payout ratio is currently 13.13%.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.