Newmont Co. (NYSE:NEM) Receives $65.81 Average Target Price from Brokerages

Newmont Co. (NYSE:NEMGet Rating) has received an average rating of “Hold” from the twenty ratings firms that are currently covering the company, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $65.49.

A number of equities research analysts have weighed in on NEM shares. TD Securities cut their price target on shares of Newmont from $64.00 to $52.00 and set a “hold” rating for the company in a report on Tuesday, July 26th. Fundamental Research cut their price target on shares of Newmont from $79.52 to $63.91 and set a “buy” rating for the company in a report on Tuesday, August 9th. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and reduced their price objective for the company from $66.00 to $60.00 in a research note on Wednesday, July 27th. Barclays reduced their price objective on shares of Newmont from $58.00 to $57.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Raymond James reduced their price objective on shares of Newmont from $71.00 to $69.00 and set an “outperform” rating for the company in a research note on Friday.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $59.43, for a total value of $653,730.00. Following the transaction, the chief executive officer now owns 265,949 shares in the company, valued at $15,805,349.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $59.43, for a total value of $178,290.00. Following the transaction, the chief operating officer now owns 64,617 shares in the company, valued at $3,840,188.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $59.43, for a total value of $653,730.00. Following the completion of the transaction, the chief executive officer now owns 265,949 shares in the company, valued at approximately $15,805,349.07. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock valued at $2,081,920 over the last three months. 0.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Hedge funds have recently added to or reduced their stakes in the company. Vectors Research Management LLC acquired a new position in Newmont during the fourth quarter valued at approximately $25,000. Lloyd Advisory Services LLC. bought a new stake in shares of Newmont in the first quarter valued at approximately $28,000. Central Bank & Trust Co. bought a new stake in shares of Newmont in the first quarter valued at approximately $29,000. Pacific Center for Financial Services bought a new stake in shares of Newmont in the first quarter valued at approximately $30,000. Finally, Hoey Investments Inc. bought a new stake in shares of Newmont in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 81.11% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM opened at $44.27 on Thursday. Newmont has a twelve month low of $40.27 and a twelve month high of $86.37. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $35.14 billion, a price-to-earnings ratio of 44.72 and a beta of 0.29. The firm has a 50-day moving average of $46.24 and a two-hundred day moving average of $62.55.

Newmont (NYSE:NEMGet Rating) last issued its quarterly earnings results on Monday, July 25th. The basic materials company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.14). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The business had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same period in the previous year, the company posted $0.83 earnings per share. Newmont’s revenue was down .2% compared to the same quarter last year. As a group, analysts expect that Newmont will post 2.61 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date is Wednesday, September 7th. Newmont’s dividend payout ratio (DPR) is 222.22%.

Newmont Company Profile

(Get Rating)

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, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Analyst Recommendations for Newmont (NYSE:NEM)

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