Newmont Co. (NYSE:NEM) Receives $54.31 Consensus Price Target from Analysts

Newmont Co. (NYSE:NEM - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seventeen analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $54.31.

Several equities research analysts have recently issued reports on the company. Scotiabank lowered Newmont from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Veritas upgraded Newmont to a "strong-buy" rating in a report on Monday, September 30th. Argus raised Newmont from a "hold" rating to a "buy" rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. CIBC downgraded Newmont from a "sector outperform" rating to a "neutral" rating in a report on Monday, October 28th. Finally, Jefferies Financial Group raised their price objective on Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, October 4th.

Newmont Stock Down 5.4 %

Shares of NYSE NEM traded down $2.16 during midday trading on Wednesday, reaching $37.64. The company's stock had a trading volume of 16,271,572 shares, compared to its average volume of 10,490,715. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $45.98 and a 200-day simple moving average of $47.37. The stock has a market capitalization of $42.85 billion, a price-to-earnings ratio of -24.76, a PEG ratio of 0.36 and a beta of 0.49.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm's revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. Equities research analysts predict that Newmont will post 3.08 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.66%. Newmont's payout ratio is presently -65.79%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares of the company's stock, valued at approximately $14,607,746.89. This represents a 6.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry M. Iv Conger purchased 9,498 shares of Newmont stock in a transaction that occurred on Wednesday, November 27th. The stock was acquired at an average cost of $42.15 per share, with a total value of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares in the company, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.06% of the company's stock.

Hedge Funds Weigh In On Newmont

Hedge funds have recently made changes to their positions in the company. Tidal Investments LLC grew its position in shares of Newmont by 5.4% in the third quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company's stock valued at $8,749,000 after purchasing an additional 8,412 shares in the last quarter. Cim Investment Management Inc. purchased a new stake in shares of Newmont in the third quarter valued at approximately $1,033,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Newmont in the third quarter valued at approximately $422,000. Sanctuary Advisors LLC grew its position in shares of Newmont by 117.3% in the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company's stock valued at $1,854,000 after purchasing an additional 18,722 shares in the last quarter. Finally, Virtu Financial LLC grew its position in shares of Newmont by 183.2% in the third quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company's stock valued at $1,237,000 after purchasing an additional 14,967 shares in the last quarter. Institutional investors and hedge funds 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.