Analysts Set Newmont Corporation (NYSE:NEM) Price Target at $64.58

Key Points

• Newmont Corporation (NYSE:NEM) has received a consensus rating of "Moderate Buy" from analysts, with one sell, six hold, eight buy, and four strong buy recommendations.
• The company reported a quarterly earnings per share (EPS) of $1.43, significantly exceeding the analysts' expectations of $0.95, alongside a year-over-year revenue increase of 20.8%.
• Newmont announced a quarterly dividend of $0.25 per share, representing an annualized dividend of $1.00 with a yield of 1.4%.

Newmont Corporation (NYSE:NEM - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eighteen research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and four have issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $64.5750.

A number of brokerages have recently weighed in on NEM. Scotiabank raised their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday, July 28th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. UBS Group raised their price objective on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. CIBC set a $74.00 price objective on Newmont and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Finally, National Bankshares upgraded Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th.

Insider Buying and Selling

In related news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated 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 owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,246 shares of company stock worth $1,373,251. Corporate insiders own 0.05% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Concord Wealth Partners boosted its position in shares of Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after buying an additional 385 shares during the period. Evermay Wealth Management LLC boosted its position in shares of Newmont by 408.2% during the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock valued at $29,000 after buying an additional 400 shares during the period. SOA Wealth Advisors LLC. boosted its position in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the period. CoreFirst Bank & Trust purchased a new position in shares of Newmont during the second quarter valued at approximately $32,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Newmont during the first quarter valued at approximately $26,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

Newmont stock traded up $0.44 during trading on Monday, reaching $73.41. The company had a trading volume of 836,772 shares, compared to its average volume of 11,666,731. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The firm's 50-day simple moving average is $63.58 and its 200 day simple moving average is $54.77. The firm has a market capitalization of $80.64 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. Newmont has a 52 week low of $36.86 and a 52 week high of $73.41.

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

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

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.