Newmont (NYSE:NEM) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Newmont (NYSE:NEM) had its target price hoisted by Royal Bank of Canada from $51.00 to $52.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

Other analysts have also recently issued research reports about the stock. TD Securities dropped their price objective on shares of Newmont from $46.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, February 26th. StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Scotiabank reduced their price target on Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 21st. National Bank Financial raised Newmont to a “hold” rating in a report on Friday, March 21st. Finally, The Goldman Sachs Group began coverage on Newmont in a research report on Monday, January 13th. They issued a “buy” rating and a $47.20 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.09.

Newmont Price Performance

Newmont stock opened at $44.25 on Friday. The company has a market capitalization of $49.88 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 0.41 and a beta of 0.54. The stock’s 50 day moving average is $45.34 and its 200-day moving average is $45.22. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont has a 12 month low of $36.60 and a 12 month high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.32 billion. Equities research analysts expect that Newmont will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. Newmont’s payout ratio is presently 34.13%.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now directly owns 52,070 shares of the company’s stock, valued at $2,082,800. The trade was a 3.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the executive vice president now owns 82,596 shares of the company’s stock, valued at approximately $3,303,840. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,231 shares of company stock worth $1,388,758. Corporate insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC boosted its stake in shares of Newmont by 3.8% in the 4th quarter. HighPoint Advisor Group LLC now owns 5,992 shares of the basic materials company’s stock valued at $223,000 after purchasing an additional 219 shares during the last quarter. Confluence Investment Management LLC boosted its position in Newmont by 2.4% during the fourth quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company’s stock valued at $439,000 after acquiring an additional 281 shares during the last quarter. Keel Point LLC grew its holdings in Newmont by 2.0% during the 4th quarter. Keel Point LLC now owns 14,774 shares of the basic materials company’s stock worth $550,000 after acquiring an additional 287 shares during the period. Howard Capital Management Inc. raised its position in shares of Newmont by 5.4% in the 4th quarter. Howard Capital Management Inc. now owns 5,653 shares of the basic materials company’s stock worth $210,000 after acquiring an additional 292 shares in the last quarter. Finally, Intact Investment Management Inc. lifted its stake in shares of Newmont by 21.4% in the 4th quarter. Intact Investment Management Inc. now owns 1,700 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.