Analysts Set Newmont Co. (NYSE:NEM) PT at $52.62

09 Oct 2024, 12:59 by Scott Moore · The Cerbat Gem

Newmont Co. (NYSE:NEM – Get Free Report) has received a consensus rating of “Moderate Buy” from the seventeen research firms that are currently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $53.31.

NEM has been the subject of a number of research reports. BMO Capital Markets upped their price target on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Thursday, August 29th. Finally, CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th.

Check Out Our Latest Analysis on Newmont

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,000 shares of company stock worth $3,434,640. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of large investors have recently added to or reduced their stakes in the company. Sanibel Captiva Trust Company Inc. purchased a new stake in shares of Newmont in the 3rd quarter worth $357,000. Wedmont Private Capital lifted its stake in shares of Newmont by 28.2% during the 3rd quarter. Wedmont Private Capital now owns 9,618 shares of the basic materials company’s stock worth $510,000 after purchasing an additional 2,118 shares during the last quarter. CWM LLC lifted its stake in shares of Newmont by 11.2% during the 3rd quarter. CWM LLC now owns 19,111 shares of the basic materials company’s stock worth $1,021,000 after purchasing an additional 1,930 shares during the last quarter. ACT Wealth Management LLC purchased a new stake in shares of Newmont during the 3rd quarter worth $203,000. Finally, Leibman Financial Services Inc. purchased a new stake in shares of Newmont during the 3rd quarter worth $216,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Down 0.5 %

Shares of NYSE NEM opened at $52.74 on Friday. Newmont has a 52-week low of $29.42 and a 52-week high of $56.30. The business’s 50 day moving average is $51.62 and its two-hundred day moving average is $45.16. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a market cap of $60.82 billion, a price-to-earnings ratio of -19.75, a PEG ratio of 0.47 and a beta of 0.50.

Newmont (NYSE:NEM – Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the company posted $0.33 earnings per share. The firm’s revenue for the quarter was up 64.1% on a year-over-year basis. Research analysts predict that Newmont will post 2.88 EPS for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

About Newmont

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