Newmont (NYSE:NEM) Price Target Raised to $160.00

Newmont (NYSE:NEM) had its price objective raised by Canaccord Genuity Group from $150.00 to $160.00 in a research report released on Wednesday morning,MarketScreener reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other research firms also recently weighed in on NEM. TD Securities reissued a “hold” rating and set a $129.00 target price on shares of Newmont in a research report on Monday. DZ Bank raised Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Scotiabank cut their target price on Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a research report on Friday, March 20th. Finally, Jefferies Financial Group boosted their target price on Newmont from $162.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $142.51.

Newmont Stock Down 2.3%

Shares of NEM opened at $108.58 on Wednesday. The stock has a market capitalization of $115.91 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 2.03 and a beta of 0.46. Newmont has a 1 year low of $48.27 and a 1 year high of $134.88. The business’s 50 day simple moving average is $113.57 and its 200-day simple moving average is $105.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. As a group, equities analysts expect that Newmont will post 9.47 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio is 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider owned 17,147 shares of the company’s stock, valued at $1,911,033.15. This represents a 51.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the completion of the transaction, the executive vice president directly owned 52,315 shares in the company, valued at $5,916,303.35. This trade represents a 5.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 24,394 shares of company stock worth $2,713,281 in the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of NEM. GoalVest Advisory LLC bought a new position in Newmont in the 4th quarter valued at $25,000. Pinnacle Bancorp Inc. bought a new position in shares of Newmont during the 1st quarter worth $25,000. Cedar Mountain Advisors LLC bought a new position in shares of Newmont during the 1st quarter worth $25,000. Physician Wealth Advisors Inc. grew its position in shares of Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares in the last quarter. Finally, Swiss RE Ltd. bought a new position in shares of Newmont during the 4th quarter worth $26,000. Institutional investors 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.