Newmont (NYSE:NEM) Stock Price Up 1.7%

Newmont Co. (NYSE:NEMGet Rating) rose 1.7% during trading on Friday . The stock traded as high as $43.19 and last traded at $43.11. Approximately 107,399 shares changed hands during trading, a decline of 99% from the average daily volume of 8,730,778 shares. The stock had previously closed at $42.40.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research reports. Canaccord Genuity Group raised Newmont from a “hold” rating to a “buy” rating and dropped their price target for the stock from $66.00 to $60.00 in a report on Wednesday, July 27th. UBS Group raised Newmont from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, September 6th. Barclays dropped their price target on Newmont from $58.00 to $57.00 and set an “equal weight” rating for the company in a report on Friday. Raymond James dropped their price target on Newmont from $71.00 to $69.00 and set an “outperform” rating for the company in a report on Friday. Finally, The Goldman Sachs Group initiated coverage on Newmont in a report on Monday, September 12th. They set a “buy” rating and a $53.00 price target for the company. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Newmont presently has an average rating of “Hold” and a consensus price target of $66.94.

Newmont Stock Performance

The company has a 50 day moving average price of $46.24 and a 200-day moving average price of $62.66. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28. The company has a market cap of $34.69 billion, a P/E ratio of 44.15 and a beta of 0.29.

Newmont (NYSE:NEMGet Rating) last issued its quarterly earnings results on Monday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.14). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the previous year, the business posted $0.83 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities analysts expect that Newmont Co. will post 2.61 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.20 annualized dividend and a dividend yield of 5.03%. Newmont’s payout ratio is 222.22%.

Insider Activity

In related news, CFO Nancy Buese sold 10,000 shares of the business’s stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $61.50, for a total transaction of $615,000.00. Following the sale, the chief financial officer now owns 39,530 shares in the company, valued at approximately $2,431,095. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $59.43, for a total transaction of $178,290.00. Following the sale, the chief operating officer now owns 64,617 shares in the company, valued at approximately $3,840,188.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Nancy Buese sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $61.50, for a total value of $615,000.00. Following the completion of the sale, the chief financial officer now owns 39,530 shares in the company, valued at approximately $2,431,095. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,000 shares of company stock worth $2,081,920. Insiders own 0.11% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in the stock. SailingStone Capital Partners LLC grew its position in shares of Newmont by 100.7% in the 2nd quarter. SailingStone Capital Partners LLC now owns 496,727 shares of the basic materials company’s stock valued at $21,061,000 after buying an additional 249,170 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Newmont by 7.0% in the 2nd quarter. Federated Hermes Inc. now owns 1,574,809 shares of the basic materials company’s stock valued at $93,969,000 after buying an additional 103,428 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of Newmont in the 2nd quarter valued at about $69,000. Amundi grew its position in shares of Newmont by 1.4% in the 2nd quarter. Amundi now owns 7,683,697 shares of the basic materials company’s stock valued at $433,897,000 after buying an additional 103,806 shares during the last quarter. Finally, Verition Fund Management LLC grew its position in shares of Newmont by 7.0% in the 2nd quarter. Verition Fund Management LLC now owns 26,002 shares of the basic materials company’s stock valued at $1,552,000 after buying an additional 1,702 shares during the last quarter. Institutional investors own 81.11% of the company’s stock.

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

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