Newmont Corporation (NYSE:NEM) Stock Has Average Target Price of $133.78 According to Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Newmont, with 18 buy, two strong-buy and four hold ratings among 24 brokerages. The average 12-month price target is $133.78, although several firms recently lowered their targets.
• Newmont reported quarterly EPS of $2.10, beating estimates of $2.05, while revenue of $6.12 billion fell short of the $6.35 billion consensus forecast. Analysts expect full-year EPS of approximately $9.09.
• The company declared a quarterly dividend of $0.26, equal to an annualized $1.04 and a 0.9% yield. Institutional investors own 68.85% of the stock, while insiders sold shares worth $3.4 million over the past three months.

Newmont Corporation (NYSE:NEM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the twenty-four brokerages that are covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $133.78.

A number of equities research analysts recently issued reports on NEM shares. Canaccord Genuity Group decreased their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. Argus set a $110.00 price objective on shares of Newmont in a research note on Monday, August 3rd. Macquarie Infrastructure reduced their target price on shares of Newmont from $133.00 to $123.00 and set an "outperform" rating on the stock in a report on Monday, June 15th. UBS Group dropped their price target on Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, The Goldman Sachs Group decreased their price objective on Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a research report on Wednesday, July 1st.

Newmont Stock Performance

NYSE NEM opened at $116.08 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont has a 1-year low of $76.05 and a 1-year high of $135.29. The business has a 50 day simple moving average of $116.82 and a two-hundred day simple moving average of $109.80. The stock has a market capitalization of $122.31 billion, a PE ratio of 14.66, a P/E/G ratio of 1.70 and a beta of 0.52.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The business had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same period in the prior year, the firm earned $1.43 EPS. On average, research analysts predict that Newmont will post 9.09 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Thursday, September 3rd were given a $0.26 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont's dividend payout ratio (DPR) is currently 13.13%.

Insiders Place Their Bets

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares in the company, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total transaction of $369,000.00. Following the completion of the sale, the executive vice president directly owned 37,315 shares in the company, valued at approximately $4,589,745. This represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock valued at $3,414,187 over the last three months. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

Several institutional investors have recently added to or reduced their stakes in NEM. BlackRock Inc. bought a new stake in shares of Newmont during the second quarter worth $11,289,753,000. Van ECK Associates Corp purchased a new stake in shares of Newmont during the second quarter valued at $671,197,000. Bank of New York Mellon Corp bought a new position in shares of Newmont in the second quarter worth about $1,219,505,000. First Eagle Investment Management LLC purchased a new position in Newmont in the 2nd quarter worth about $241,820,000. Finally, Amundi purchased a new position in Newmont in the 2nd quarter worth about $209,411,000. Institutional investors own 68.85% of the company's stock.

About Newmont

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company's activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.

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