Newmont (NYSE:NEM) Coverage Initiated at CLSA

CLSA assumed coverage on shares of Newmont (NYSE:NEM) in a report released on Friday, MarketBeat Ratings reports. The brokerage issued an underperform rating on the basic materials company’s stock.

NEM has been the topic of several other research reports. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Bernstein Bank lifted their price target on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and cut their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Stock Down 0.2 %

Shares of NEM opened at $41.94 on Friday. The firm has a market cap of $47.75 billion, a P/E ratio of -27.59, a P/E/G ratio of 0.36 and a beta of 0.51. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The stock has a 50 day simple moving average of $49.09 and a two-hundred day simple moving average of $47.49. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business 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 7.03% and a positive return on equity of 9.80%. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. On average, analysts forecast that Newmont will post 3.08 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.38%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 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 transaction of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several large investors have recently made changes to their positions in NEM. Tidal Investments LLC grew its stake in shares of Newmont by 5.4% in the 3rd quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company’s stock worth $8,749,000 after buying an additional 8,412 shares during the last quarter. Cim Investment Management Inc. purchased a new stake in shares of Newmont in the third quarter worth $1,033,000. Wilmington Savings Fund Society FSB bought a new position in shares of Newmont during the third quarter valued at $422,000. Sanctuary Advisors LLC raised its position in shares of Newmont by 117.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after purchasing an additional 18,722 shares during the last quarter. Finally, Virtu Financial LLC boosted its stake in Newmont by 183.2% in the 3rd quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company’s stock worth $1,237,000 after purchasing an additional 14,967 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.