Newmont (NYSE:NEM) Coverage Initiated by Analysts at The Goldman Sachs Group

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

Other equities research analysts have also issued research reports about the company. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Royal Bank of Canada dropped their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Raymond James reduced their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. Finally, Bernstein Bank lifted their price target on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $53.80.

Newmont Stock Performance

Newmont stock opened at $41.43 on Monday. The company’s 50 day simple moving average is $40.49 and its 200 day simple moving average is $46.90. 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 has a fifty-two week low of $29.42 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont will post 3.12 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Wednesday, November 27th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.41%. Newmont’s payout ratio is -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, Director Harry M. Iv Conger bought 9,498 shares of Newmont stock in a transaction dated Wednesday, November 27th. The stock was bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now owns 14,498 shares of the company’s stock, valued at $611,090.70. The trade was a 189.96 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $83,080.00. Following the completion of the sale, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,077 shares of company stock worth $563,080 over the last quarter. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. boosted its holdings in shares of Newmont by 3.7% during the 2nd quarter. American Century Companies Inc. now owns 854,837 shares of the basic materials company’s stock worth $35,792,000 after buying an additional 30,685 shares during the period. Meeder Asset Management Inc. acquired a new stake in Newmont during the second quarter worth approximately $27,000. Envestnet Asset Management Inc. boosted its holdings in shares of Newmont by 129.6% during the second quarter. Envestnet Asset Management Inc. now owns 544,178 shares of the basic materials company’s stock worth $22,785,000 after acquiring an additional 307,212 shares during the period. Redwood Wealth Management Group LLC acquired a new position in shares of Newmont in the second quarter valued at approximately $188,000. Finally, Bruce & Co. Inc. increased its stake in shares of Newmont by 52.4% during the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the basic materials company’s stock worth $4,187,000 after purchasing an additional 34,400 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.