Newmont (NYSE:NEM) Price Target Raised to $130.00

Newmont (NYSE:NEM) had its price objective lifted by Raymond James Financial from $111.00 to $130.00 in a research report sent to investors on Thursday,MarketScreener reports. Raymond James Financial currently has an outperform rating on the basic materials company’s stock.

Other analysts also recently issued research reports about the company. CIBC set a $112.00 target price on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Argus raised their price target on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Citigroup reiterated a “buy” rating on shares of Newmont in a research note on Monday, January 12th. Bank of America increased their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $71.50 to $114.00 in a report on Thursday, October 23rd. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $99.35.

Newmont Price Performance

Shares of NEM opened at $114.17 on Thursday. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. Newmont has a twelve month low of $40.85 and a twelve month high of $115.70. The stock has a market capitalization of $124.59 billion, a P/E ratio of 17.73, a P/E/G ratio of 0.85 and a beta of 0.41. The company has a 50 day moving average of $97.58 and a 200-day moving average of $82.68.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts forecast that Newmont will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, November 26th. Newmont’s dividend payout ratio is 15.53%.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,160 shares of company stock valued at $767,206 in the last ninety days. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently made changes to their positions in NEM. Perigon Wealth Management LLC lifted its holdings in Newmont by 1.3% during the 4th quarter. Perigon Wealth Management LLC now owns 38,889 shares of the basic materials company’s stock worth $3,883,000 after purchasing an additional 512 shares during the last quarter. Vanguard Capital Wealth Advisors bought a new position in Newmont during the 4th quarter worth $515,000. Worth Financial Advisory Group LLC lifted its holdings in shares of Newmont by 2.5% during the fourth quarter. Worth Financial Advisory Group LLC now owns 5,432 shares of the basic materials company’s stock worth $542,000 after buying an additional 130 shares in the last quarter. Earned Wealth Advisors LLC lifted its holdings in shares of Newmont by 29.3% during the fourth quarter. Earned Wealth Advisors LLC now owns 8,602 shares of the basic materials company’s stock worth $859,000 after buying an additional 1,950 shares in the last quarter. Finally, Ellsworth Advisors LLC boosted its position in shares of Newmont by 4.0% in the fourth quarter. Ellsworth Advisors LLC now owns 25,359 shares of the basic materials company’s stock valued at $2,532,000 after acquiring an additional 986 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

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.