Royal Bank of Canada Trims Newmont (NYSE:NEM) Target Price to $53.00

Newmont (NYSE:NEM) had its price objective trimmed by Royal Bank of Canada from $54.00 to $53.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a sector perform rating on the basic materials company’s stock.

A number of other analysts have also recently issued reports on the company. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and raised their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, Jefferies Financial Group upped their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.85.

Newmont Stock Down 1.7 %

Shares of NYSE NEM opened at $48.42 on Thursday. The company’s 50 day moving average price is $53.39 and its 200-day moving average price is $46.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The company has a market capitalization of $55.56 billion, a P/E ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50.

Newmont (NYSE:NEM) last issued 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 firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s revenue was up 84.7% compared to the same quarter last year. During the same period last year, the company posted $0.36 EPS. Equities analysts forecast that Newmont will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -47.17%.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred 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 owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,000 shares of company stock worth $3,434,640. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Several large investors have recently bought and sold shares of NEM. JFS Wealth Advisors LLC increased its stake in shares of Newmont by 716.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 4,067 shares of the basic materials company’s stock worth $217,000 after acquiring an additional 3,569 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in Newmont by 24.2% during the third quarter. Pinnacle Associates Ltd. now owns 19,505 shares of the basic materials company’s stock worth $1,043,000 after buying an additional 3,797 shares during the period. First Trust Direct Indexing L.P. increased its holdings in Newmont by 13.7% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 30,571 shares of the basic materials company’s stock valued at $1,634,000 after purchasing an additional 3,676 shares during the last quarter. New York State Teachers Retirement System increased its stake in Newmont by 0.5% during the third quarter. New York State Teachers Retirement System now owns 861,012 shares of the basic materials company’s stock worth $46,021,000 after purchasing an additional 4,637 shares during the period. Finally, Golden State Equity Partners purchased a new position in Newmont in the 3rd quarter valued at approximately $436,000. 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.