UBS Group Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM - Free Report) had its target price hoisted by UBS Group from $60.00 to $68.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the basic materials company's stock.

NEM has been the subject of a number of other research reports. National Bank Financial raised shares of Newmont to a "hold" rating in a research report on Friday, March 21st. Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. Scotiabank restated a "sector perform" rating on shares of Newmont in a research report on Monday, April 14th. Finally, Royal Bank Of Canada boosted their price target on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.11.

Newmont Trading Down 0.3%

Shares of NYSE:NEM traded down $0.20 during mid-day trading on Thursday, reaching $59.86. The stock had a trading volume of 5,387,327 shares, compared to its average volume of 10,602,512. The firm has a 50 day simple moving average of $54.47 and a two-hundred day simple moving average of $47.90. The firm has a market cap of $66.62 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 0.79 and a beta of 0.33. Newmont has a twelve month low of $36.86 and a twelve month high of $60.31. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a return on equity of 15.75% and a net margin of 25.77%. The business had revenue of $5.01 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter in the previous year, the business posted $0.55 EPS. On average, research analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Tuesday, May 27th. Newmont's dividend payout ratio is currently 22.42%.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the sale, the executive vice president owned 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,231 shares of company stock valued at $679,813. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC increased its position in Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after purchasing an additional 1,847 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Newmont by 22.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,495 shares of the basic materials company's stock worth $129,000 after buying an additional 646 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Newmont by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,850,404 shares of the basic materials company's stock worth $254,972,000 after buying an additional 92,354 shares during the last quarter. Victory Capital Management Inc. raised its stake in Newmont by 45.9% during the fourth quarter. Victory Capital Management Inc. now owns 2,054,637 shares of the basic materials company's stock worth $76,474,000 after buying an additional 646,218 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in Newmont by 185.9% in the fourth quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company's stock valued at $47,000 after buying an additional 820 shares during the period. Institutional investors own 68.85% of the company's stock.

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.