Newmont (NYSE:NEM) Price Target Lowered to $42.00 at UBS Group

Newmont (NYSE:NEM) had its target price reduced by UBS Group from $53.00 to $42.00 in a research report report published on Tuesday morning, Marketbeat reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other research analysts have also recently commented on the company. TD Securities dropped their price target on Newmont from $59.00 to $55.00 and set a buy rating on the stock in a research report on Monday, July 24th. CIBC lowered Newmont from a sector outperform rating to a neutral rating and reduced their price target for the stock from $54.00 to $50.00 in a research report on Friday, July 21st. National Bank Financial increased their price objective on Newmont from C$91.00 to C$94.00 in a report on Tuesday, May 2nd. Canaccord Genuity Group lowered their target price on Newmont from $63.00 to $57.00 and set a buy rating for the company in a research note on Monday, July 24th. Finally, Argus reduced their price objective on Newmont from $55.00 to $50.00 and set a buy rating for the company in a research report on Tuesday, July 25th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $58.46.

Newmont Price Performance

Newmont stock opened at $39.33 on Tuesday. Newmont has a one year low of $37.45 and a one year high of $60.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.28 and a quick ratio of 1.87. The stock’s 50 day moving average is $41.41 and its 200 day moving average is $44.17. The firm has a market cap of $31.25 billion, a P/E ratio of -40.96, a P/E/G ratio of 1.56 and a beta of 0.35.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.06). Newmont had a negative net margin of 6.77% and a positive return on equity of 5.74%. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the prior year, the firm earned $0.46 EPS. The company’s revenue was down 12.3% compared to the same quarter last year. As a group, research analysts expect that Newmont will post 2.11 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Wednesday, September 6th. Newmont’s payout ratio is -166.66%.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $42.16, for a total value of $463,760.00. Following the completion of the transaction, the chief executive officer now owns 267,039 shares in the company, valued at $11,258,364.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank Julius Baer & Co. Ltd Zurich increased its stake in Newmont by 101,647.2% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 547,513,832 shares of the basic materials company’s stock worth $23,356,940,000 after buying an additional 546,975,720 shares during the period. Norges Bank acquired a new stake in shares of Newmont in the 4th quarter worth approximately $332,897,000. BlackRock Inc. lifted its stake in shares of Newmont by 4.6% in the 2nd quarter. BlackRock Inc. now owns 99,433,731 shares of the basic materials company’s stock worth $4,241,843,000 after acquiring an additional 4,409,771 shares during the period. Van ECK Associates Corp raised its holdings in shares of Newmont by 8.8% in the 4th quarter. Van ECK Associates Corp now owns 36,058,431 shares of the basic materials company’s stock worth $1,701,958,000 after purchasing an additional 2,921,657 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in shares of Newmont by 43.8% during the fourth quarter. Neuberger Berman Group LLC now owns 9,394,984 shares of the basic materials company’s stock valued at $443,470,000 after acquiring an additional 2,862,233 shares during the period. 79.53% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.