Newmont (NYSE:NEM) Price Target Raised to $92.00

Key Points

• BNP Paribas Exane has raised its target price for Newmont (NYSE:NEM) from $66.00 to $92.00, indicating a potential upside of 16.46% based on the stock's previous close.
• The stock currently holds a consensus rating of "Moderate Buy" with an average target price of $70.59, following various ratings from multiple analysts.
• Newmont reported strong quarterly earnings, with an EPS of $1.43, exceeding analyst expectations, alongside a revenue increase of 20.8% year-over-year.

Newmont (NYSE:NEM - Free Report) had its price objective upped by BNP Paribas Exane from $66.00 to $92.00 in a report published on Monday morning,MarketScreener reports. They currently have an outperform rating on the basic materials company's stock.

A number of other brokerages also recently commented on NEM. CIBC set a $74.00 target price on Newmont and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group upped their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Finally, BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Four investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $72.31.

Newmont Stock Performance

Newmont stock traded up $3.36 during trading hours on Monday, hitting $81.68. 42,531,051 shares of the stock traded hands, compared to its average volume of 9,262,297. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The firm's 50 day moving average price is $69.47 and its 200-day moving average price is $58.42. The stock has a market capitalization of $89.72 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 0.96 and a beta of 0.34. Newmont has a 1 year low of $36.86 and a 1 year high of $82.05.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 EPS. As a group, equities analysts expect that Newmont will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is presently 17.95%.

Insider Buying and Selling

In related news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,246 shares of company stock worth $1,253,559. Company insiders own 0.05% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NEM. Brighton Jones LLC boosted its position in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after buying an additional 1,847 shares during the period. State of Wyoming purchased a new position in shares of Newmont during the fourth quarter worth $179,000. Vident Advisory LLC boosted its position in shares of Newmont by 7.3% during the fourth quarter. Vident Advisory LLC now owns 44,520 shares of the basic materials company's stock worth $1,657,000 after buying an additional 3,031 shares during the period. Woodline Partners LP purchased a new position in shares of Newmont during the fourth quarter worth $2,545,000. Finally, Waverly Advisors LLC boosted its position in shares of Newmont by 13.6% during the fourth quarter. Waverly Advisors LLC now owns 64,627 shares of the basic materials company's stock worth $2,405,000 after buying an additional 7,744 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

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.