Analysts Set Newmont Co. (NYSE:NEM) Price Target at $56.07

Newmont Co. (NYSE:NEM) has received a consensus rating of “Moderate Buy” from the fifteen research firms that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $56.20.

A number of analysts have weighed in on NEM shares. Argus decreased their target price on shares of Newmont from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, July 25th. UBS Group decreased their price objective on shares of Newmont from $53.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, August 29th. StockNews.com started coverage on Newmont in a report on Thursday, October 5th. They set a “hold” rating for the company. Raymond James decreased their price target on Newmont from $59.00 to $57.00 and set an “outperform” rating for the company in a report on Friday, October 27th. Finally, Canaccord Genuity Group dropped their price target on Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a research note on Monday, July 24th.

Insider Buying and Selling at Newmont

In other Newmont news, COO Robert D. Atkinson sold 5,500 shares of Newmont stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $37.60, for a total transaction of $206,800.00. Following the completion of the transaction, the chief operating officer now owns 65,251 shares in the company, valued at approximately $2,453,437.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $37.60, for a total transaction of $413,600.00. Following the transaction, the chief executive officer now directly owns 234,039 shares in the company, valued at $8,799,866.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Robert D. Atkinson sold 5,500 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $37.60, for a total transaction of $206,800.00. Following the transaction, the chief operating officer now owns 65,251 shares in the company, valued at $2,453,437.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,049 shares of company stock worth $1,901,528. Insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sprott Inc. boosted its holdings in shares of Newmont by 8.9% in the 3rd quarter. Sprott Inc. now owns 171,699 shares of the basic materials company’s stock worth $6,181,000 after buying an additional 13,993 shares during the last quarter. Employees Retirement System of Texas boosted its stake in Newmont by 15.6% in the third quarter. Employees Retirement System of Texas now owns 816,430 shares of the basic materials company’s stock valued at $30,167,000 after acquiring an additional 110,000 shares during the last quarter. Harbour Investments Inc. lifted its stake in Newmont by 81.7% in the third quarter. Harbour Investments Inc. now owns 6,504 shares of the basic materials company’s stock valued at $240,000 after purchasing an additional 2,924 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in Newmont by 4.5% in the third quarter. Integrated Wealth Concepts LLC now owns 21,732 shares of the basic materials company’s stock valued at $803,000 after purchasing an additional 938 shares during the last quarter. Finally, Ramirez Asset Management Inc. purchased a new position in Newmont in the third quarter valued at approximately $52,000. Hedge funds and other institutional investors own 79.53% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $36.56 on Tuesday. The company has a market capitalization of $29.06 billion, a price-to-earnings ratio of -35.50, a PEG ratio of 2.40 and a beta of 0.41. Newmont has a twelve month low of $33.58 and a twelve month high of $60.08. The stock has a fifty day simple moving average of $37.97 and a 200 day simple moving average of $40.57. The company has a quick ratio of 1.72, a current ratio of 2.12 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $3.20 billion. Newmont had a negative net margin of 7.35% and a positive return on equity of 6.28%. Sell-side analysts expect that Newmont will post 1.71 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Thursday, November 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date is Wednesday, November 29th. Newmont’s dividend payout ratio is currently -155.34%.

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.