Newmont (NYSE:NEM) Given New $66.00 Price Target at Royal Bank of Canada

Newmont (NYSE:NEM - Free Report) had its target price lifted by Royal Bank of Canada from $52.00 to $66.00 in a report issued on Wednesday morning,BayStreet.CA reports. The brokerage currently has a sector perform rating on the basic materials company's stock.

A number of other brokerages also recently issued reports on NEM. BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. Scotiabank reissued a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. Argus set a $63.00 price target on shares of Newmont in a report on Friday, April 25th. UBS Group raised shares of Newmont from a "neutral" rating to a "buy" rating and increased their price target for the stock from $50.00 to $60.00 in a report on Friday, April 11th. Finally, Cfra Research upgraded Newmont to a "strong-buy" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and an average target price of $57.68.

Newmont Price Performance

NEM traded down $0.82 during trading on Wednesday, reaching $54.46. 13,469,457 shares of the company were exchanged, compared to its average volume of 10,220,017. The company's 50-day moving average is $51.96 and its two-hundred day moving average is $45.83. The company has a market cap of $60.61 billion, a price-to-earnings ratio of 18.59, a P/E/G ratio of 0.41 and a beta of 0.31. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont has a 12-month low of $36.86 and a 12-month high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm posted $0.55 earnings per share. Research 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 Friday, June 20th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.84%. Newmont's dividend payout ratio (DPR) is presently 22.42%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president now directly owns 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $112,344.93. Following the transaction, the director now owns 45,180 shares in the company, valued at approximately $2,443,786.20. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,154 shares of company stock worth $381,539. 0.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of NEM. Norges Bank bought a new position in Newmont during the 4th quarter worth approximately $626,074,000. Nuveen LLC bought a new position in Newmont during the 1st quarter worth approximately $306,507,000. Pacer Advisors Inc. grew its position in Newmont by 4,203.5% during the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock worth $259,580,000 after acquiring an additional 5,251,616 shares during the last quarter. Voloridge Investment Management LLC bought a new position in Newmont during the 4th quarter worth approximately $92,693,000. Finally, Capital Research Global Investors grew its position in Newmont by 70.7% during the 4th quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock worth $210,105,000 after acquiring an additional 2,338,953 shares during the last quarter. 68.85% of the stock is currently owned by 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.