The Goldman Sachs Group Initiates Coverage on Newmont (NYSE:NEM)

The Goldman Sachs Group assumed coverage on shares of Newmont (NYSE:NEM) in a research report report published on Monday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $47.20 target price on the basic materials company’s stock.

Other analysts have also recently issued reports about the company. Jefferies Financial Group boosted their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. CLSA initiated coverage on Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Finally, Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $53.80.

Newmont Trading Up 0.1 %

Newmont stock opened at $39.15 on Monday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a market capitalization of $44.57 billion, a price-to-earnings ratio of -25.76, a price-to-earnings-growth ratio of 0.35 and a beta of 0.50. The stock has a 50-day moving average price of $40.61 and a 200 day moving average price of $46.91.

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

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th were issued a $0.25 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.55%. Newmont’s payout ratio is currently -65.79%.

Insider Buying and Selling

In other news, Director Harry M. Iv Conger purchased 9,498 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were purchased at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. This represents a 189.96 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

A number of hedge funds have recently added to or reduced their stakes in NEM. Meeder Asset Management Inc. acquired a new stake in shares of Newmont in the 2nd quarter valued at approximately $27,000. Hoese & Co LLP acquired a new stake in shares of Newmont in the 3rd quarter valued at approximately $27,000. Avior Wealth Management LLC lifted its holdings in shares of Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at approximately $28,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at approximately $32,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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.