Newmont Co. (NYSE:NEM) Given Consensus Rating of “Moderate Buy” by Brokerages

Posted by Defense World Staff on Aug 6th, 2023

Newmont Co. (NYSE:NEM – Get Free Report) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $59.19.

NEM has been the topic of a number of recent research reports. StockNews.com initiated coverage on Newmont in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Barclays upgraded shares of Newmont from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $62.00 to $61.00 in a research note on Friday, July 7th. The Goldman Sachs Group boosted their target price on shares of Newmont from $58.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, April 21st. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating and lowered their target price for the stock from $54.00 to $50.00 in a research note on Friday, July 21st. Finally, National Bank Financial boosted their target price on shares of Newmont from C$91.00 to C$94.00 in a research note on Tuesday, May 2nd.

Newmont Stock Up 1.1 %

Newmont stock opened at $40.87 on Friday. Newmont has a twelve month low of $37.45 and a twelve month high of $60.08. The stock’s fifty day simple moving average is $42.57 and its 200-day simple moving average is $45.83. The company has a current ratio of 2.28, a quick ratio of 1.87 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $32.48 billion, a P/E ratio of -42.57, a P/E/G ratio of 1.62 and a beta of 0.35.

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

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.91%. Newmont’s payout ratio is -166.66%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $40.84, for a total value of $449,240.00. Following the completion of the sale, the chief executive officer now directly owns 289,039 shares of the company’s stock, valued at $11,804,352.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 33,000 shares of company stock valued at $1,384,350. Insiders own 0.07% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in NEM. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Newmont by 101,647.2% during the second 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 purchasing an additional 546,975,720 shares in the last quarter. BlackRock Inc. raised its holdings in Newmont by 3.1% during the first quarter. BlackRock Inc. now owns 95,023,960 shares of the basic materials company’s stock worth $4,658,075,000 after purchasing an additional 2,899,139 shares in the last quarter. Van ECK Associates Corp raised its holdings in Newmont by 8.8% during the fourth 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. First Eagle Investment Management LLC raised its holdings in Newmont by 3.0% during the fourth quarter. First Eagle Investment Management LLC now owns 18,396,913 shares of the basic materials company’s stock worth $868,334,000 after purchasing an additional 541,428 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Newmont by 12.8% during the first quarter. Deutsche Bank AG now owns 17,968,912 shares of the basic materials company’s stock worth $880,836,000 after purchasing an additional 2,042,778 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

About Newmont

(Get Free Report

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.