Newmont (NYSE:NEM – Free Report) had its target price decreased by Canaccord Genuity Group from $63.00 to $57.00 in a report released on Monday morning, BayStreet.CA reports. Canaccord Genuity Group currently has a buy rating on the basic materials company’s stock.
A number of other equities research analysts have also issued reports on the stock. National Bank Financial lifted their target price on shares of Newmont from C$91.00 to C$94.00 in a research note on Tuesday, May 2nd. StockNews.com assumed coverage on Newmont in a report on Thursday, May 18th. They set a hold rating for the company. Barclays upgraded Newmont from an equal weight rating to an overweight rating and cut their price objective for the stock from $62.00 to $61.00 in a report on Friday, July 7th. The Goldman Sachs Group increased their price objective on Newmont from $58.00 to $67.00 and gave the stock a buy rating in a report on Friday, April 21st. Finally, TD Securities cut their price objective on Newmont from $59.00 to $55.00 and set a buy rating for the company in a report on Monday. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Newmont has a consensus rating of Moderate Buy and an average target price of $59.85.
Newmont Trading Up 0.0 %
Newmont stock opened at $43.23 on Monday. The company has a 50 day moving average price of $42.72 and a 200 day moving average price of $46.48. Newmont has a 52 week low of $37.45 and a 52 week high of $60.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.87 and a current ratio of 2.28. The firm has a market capitalization of $34.36 billion, a price-to-earnings ratio of -45.03, a P/E/G ratio of 1.67 and a beta of 0.34.
Newmont Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Wednesday, September 6th. Newmont’s dividend payout ratio is currently -166.66%.
Insider Activity
In other news, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $47.76, for a total value of $143,280.00. Following the sale, the chief operating officer now directly owns 81,751 shares of the company’s stock, valued at $3,904,427.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $40.84, for a total transaction of $449,240.00. Following the sale, the chief executive officer now directly owns 289,039 shares of the company’s stock, valued at $11,804,352.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $47.76, for a total value of $143,280.00. Following the sale, the chief operating officer now directly owns 81,751 shares in the company, valued at $3,904,427.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,000 shares of company stock valued at $1,589,230. 0.07% of the stock is owned by insiders.
Institutional Investors Weigh In On Newmont
A number of institutional investors have recently added to or reduced their stakes in NEM. Compass Wealth Management LLC acquired a new stake in Newmont during the fourth quarter worth about $25,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in Newmont during the first quarter valued at approximately $26,000. Sittner & Nelson LLC boosted its holdings in Newmont by 177.5% during the first quarter. Sittner & Nelson LLC now owns 555 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 355 shares in the last quarter. Delta Asset Management LLC TN acquired a new stake in Newmont during the fourth quarter valued at approximately $30,000. Finally, Caldwell Sutter Capital Inc. acquired a new stake in Newmont during the first quarter valued at approximately $30,000. 77.82% of the stock is owned by institutional investors and hedge funds.
About Newmont
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.
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