UBS Group Boosts Newmont (NYSE:NEM) Price Target to $65.00

Newmont (NYSE:NEM) had its target price raised by UBS Group from $50.00 to $65.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other analysts also recently weighed in on the company. CIBC upgraded Newmont from a neutral rating to a sector outperform rating and upped their price objective for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Jefferies Financial Group upped their price objective on Newmont from $50.00 to $54.00 and gave the stock a buy rating in a research report on Friday, July 12th. Scotiabank upgraded Newmont from a sector perform rating to a sector outperform rating and upped their price objective for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the stock a buy rating in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. downgraded Newmont from an overweight rating to a neutral rating in a research report on Monday, July 8th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $52.62.

Newmont Stock Performance

NEM opened at $53.52 on Tuesday. The firm has a market cap of $61.72 billion, a P/E ratio of -20.04, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. Newmont has a 52-week low of $29.42 and a 52-week high of $54.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The business’s fifty day moving average is $49.97 and its 200-day moving average is $43.33.

Newmont (NYSE:NEM) last released its 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. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s quarterly revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.33 EPS. Sell-side analysts expect that Newmont will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value 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. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock worth $2,744,700. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pekin Hardy Strauss Inc. grew its stake in shares of Newmont by 0.4% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock worth $2,683,000 after buying an additional 233 shares during the last quarter. KCM Investment Advisors LLC grew its position in shares of Newmont by 2.3% during the second quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after purchasing an additional 244 shares in the last quarter. Meeder Advisory Services Inc. grew its position in shares of Newmont by 3.8% during the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 278 shares in the last quarter. Moody National Bank Trust Division increased its stake in Newmont by 1.7% during the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after acquiring an additional 296 shares during the last quarter. Finally, Berkeley Capital Partners LLC grew its stake in shares of Newmont by 5.6% during the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after buying an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

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.