Jefferies Financial Group Boosts Newmont (NYSE:NEM) Price Target to $63.00

Newmont (NYSE:NEM) had its target price lifted by Jefferies Financial Group from $54.00 to $63.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

NEM has been the subject of several other research reports. CIBC upgraded shares of Newmont from a neutral rating to a sector outperform rating and lifted their price objective for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Bank of America upped their price objective on shares of Newmont from $49.00 to $50.00 and gave the company a buy rating in a report on Wednesday, June 26th. Scotiabank upgraded Newmont from a sector perform rating to a sector outperform rating and raised their target price for the company from $48.00 to $59.00 in a research note on Monday, August 19th. Cibc World Mkts raised Newmont from a hold rating to a strong-buy rating in a research note on Wednesday, July 10th. Finally, BMO Capital Markets raised their price objective on Newmont from $56.00 to $57.00 and gave the company an outperform rating in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Newmont presently has an average rating of Moderate Buy and an average price target of $53.31.

Newmont Price Performance

Shares of NYSE NEM opened at $53.34 on Friday. The company has a market capitalization of $61.51 billion, a PE ratio of -19.98, a P/E/G ratio of 0.47 and a beta of 0.50. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont has a twelve month low of $29.42 and a twelve month high of $56.30. The firm has a fifty day simple moving average of $51.51 and a 200 day simple moving average of $45.03.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating 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%. The firm’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS. On average, sell-side analysts forecast that Newmont will post 2.88 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was 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 at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock worth $3,434,640 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NEM. Vanguard Group Inc. lifted its holdings in Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after purchasing an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after buying an additional 1,289,084 shares during the period. Northern Trust Corp boosted its holdings in Newmont by 25.9% in the 4th quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock worth $537,594,000 after buying an additional 2,671,774 shares during the period. Legal & General Group Plc grew its stake in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after buying an additional 109,084 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Newmont by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after acquiring an additional 545,903 shares during the period. 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.