Newmont Co. (NYSE:NEM) Receives Average Recommendation of “Hold” from Brokerages

Posted by on Jun 7th, 2022

Newmont Co. (NYSE:NEM – Get Rating) has received an average rating of “Hold” from the twenty brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, fourteen have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $74.69.

A number of research analysts have commented on NEM shares. Jefferies Financial Group increased their target price on Newmont from $67.00 to $72.00 and gave the stock a “hold” rating in a report on Wednesday, March 9th. StockNews.com began coverage on shares of Newmont in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Credit Suisse Group lowered Newmont from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 19th. Raymond James reduced their target price on shares of Newmont from $92.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, April 25th. Finally, Bank of America lifted their price target on Newmont from $70.00 to $75.00 in a research note on Monday, February 28th.

In other Newmont news, EVP Stephen P. Gottesfeld sold 4,000 shares of the stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $73.76, for a total transaction of $295,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $71.20, for a total transaction of $213,600.00. Following the completion of the sale, the chief operating officer now owns 70,617 shares in the company, valued at approximately $5,027,930.40. The disclosure for this sale can be found here. Insiders have sold a total of 70,343 shares of company stock worth $5,209,373 in the last three months. 0.11% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in NEM. GQG Partners LLC raised its position in shares of Newmont by 182.0% during the first quarter. GQG Partners LLC now owns 32,070,891 shares of the basic materials company’s stock worth $2,547,688,000 after acquiring an additional 20,699,677 shares during the last quarter. Norges Bank bought a new stake in shares of Newmont during the fourth quarter worth approximately $489,639,000. Invesco Ltd. lifted its holdings in Newmont by 44.2% in the third quarter. Invesco Ltd. now owns 10,151,231 shares of the basic materials company’s stock valued at $551,212,000 after buying an additional 3,109,683 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in Newmont by 103.3% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock valued at $356,749,000 after acquiring an additional 2,281,418 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in Newmont by 6.0% during the 4th quarter. Van ECK Associates Corp now owns 39,746,651 shares of the basic materials company’s stock worth $2,465,087,000 after acquiring an additional 2,256,671 shares during the period. 78.41% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE NEM opened at $67.86 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.92 and a quick ratio of 2.53. Newmont has a 12-month low of $52.60 and a 12-month high of $86.37. The company has a market capitalization of $53.86 billion, a PE ratio of 51.80 and a beta of 0.37. The firm’s 50-day moving average is $73.94 and its two-hundred day moving average is $67.25.

Newmont (NYSE:NEM – Get Rating) last announced its quarterly earnings data on Friday, April 22nd. The basic materials company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Newmont had a net margin of 8.53% and a return on equity of 10.24%. Newmont’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. On average, analysts forecast that Newmont will post 3.46 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Shareholders of record on Thursday, June 2nd will be issued a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, June 1st. This represents a $2.20 annualized dividend and a yield of 3.24%. Newmont’s dividend payout ratio (DPR) is 167.94%.

About Newmont (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.

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