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Stifel Nicolaus Initiates Coverage on Newmont (NYSE:NEM)

Newmont logo with Basic Materials background

Stifel Nicolaus initiated coverage on shares of Newmont (NYSE:NEM - Free Report) in a report issued on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $73.00 target price on the basic materials company's stock.

NEM has been the subject of several other research reports. Argus set a $63.00 target price on shares of Newmont in a report on Friday, April 25th. Scotiabank restated a "sector perform" rating on shares of Newmont in a research note on Monday, April 14th. Cfra Research upgraded shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $60.90 price target on shares of Newmont in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.41.

Get Our Latest Stock Report on NEM

Newmont Trading Up 2.2%

Shares of NEM stock traded up $1.25 during trading on Wednesday, hitting $58.86. 9,987,352 shares of the stock traded hands, compared to its average volume of 10,627,357. The firm has a market capitalization of $65.51 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 0.76 and a beta of 0.33. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.98 and a quick ratio of 1.70. The firm's fifty day moving average price is $54.88 and its 200-day moving average price is $48.54. Newmont has a 52-week low of $36.86 and a 52-week high of $60.31.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results 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 net margin of 25.77% and a return on equity of 15.75%. The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter last year, the firm earned $0.55 EPS. As a group, research analysts forecast that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.70%. Newmont's payout ratio is presently 22.42%.

Insider Transactions at Newmont

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

Institutional Trading of Newmont

A number of institutional investors have recently bought and sold shares of the company. Central Valley Advisors LLC boosted its position in Newmont by 3.4% during the second quarter. Central Valley Advisors LLC now owns 36,985 shares of the basic materials company's stock valued at $2,155,000 after purchasing an additional 1,230 shares during the last quarter. Radnor Capital Management LLC grew its position in Newmont by 1.9% in the second quarter. Radnor Capital Management LLC now owns 20,320 shares of the basic materials company's stock worth $1,184,000 after acquiring an additional 375 shares in the last quarter. Sunpointe LLC grew its position in Newmont by 419.2% in the second quarter. Sunpointe LLC now owns 27,391 shares of the basic materials company's stock worth $1,596,000 after acquiring an additional 22,115 shares in the last quarter. Procyon Advisors LLC grew its position in Newmont by 7.7% in the second quarter. Procyon Advisors LLC now owns 16,032 shares of the basic materials company's stock worth $934,000 after acquiring an additional 1,151 shares in the last quarter. Finally, Pallas Capital Advisors LLC bought a new stake in Newmont in the second quarter worth approximately $290,000. Institutional investors and hedge funds own 68.85% of the company's stock.

About Newmont

(Get Free Report)

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.

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