BMO Capital Markets Raises Newmont (NYSE:NEM) Price Target to $57.00

Newmont (NYSE:NEM) had its price objective boosted by BMO Capital Markets from $56.00 to $57.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the basic materials company’s stock.

A number of other brokerages have also issued reports on NEM. BNP Paribas upgraded shares of Newmont to a strong-buy rating in a research report on Friday, June 21st. Scotiabank raised their target price on shares of Newmont from $46.50 to $48.00 and gave the stock a sector perform rating in a research report on Thursday, May 23rd. TD Securities raised their target price on shares of Newmont from $43.00 to $48.00 and gave the stock a hold rating in a research report on Friday, April 26th. JPMorgan Chase & Co. lowered shares of Newmont from an overweight rating to a neutral rating in a research report on Monday, July 8th. Finally, UBS Group upgraded shares of Newmont from a neutral rating to a buy rating and raised their target price for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $50.00.

Newmont Stock Up 2.3 %

NEM stock opened at $46.73 on Thursday. The company’s 50 day simple moving average is $43.39 and its 200-day simple moving average is $38.78. Newmont has a 12 month low of $29.42 and a 12 month high of $48.97. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last released its quarterly 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 business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s quarterly revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 earnings per share. On average, sell-side analysts anticipate that Newmont will post 2.67 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its stake in Newmont by 27.5% during the 4th quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after buying an additional 36,645 shares during the period. American International Group Inc. increased its stake in Newmont by 24.8% during the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after buying an additional 58,217 shares during the period. Principal Financial Group Inc. increased its stake in Newmont by 34.1% during the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after buying an additional 325,320 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Newmont by 13.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock worth $32,926,000 after buying an additional 94,692 shares during the period. Finally, Premier Fund Managers Ltd purchased a new stake in Newmont during the 4th quarter worth $1,276,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

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.