Newmont (NYSE:NEM) Raised to “Strong-Buy” at Veritas

Veritas upgraded shares of Newmont (NYSE:NEM) to a strong-buy rating in a report issued on Monday, Zacks.com reports.

A number of other research firms have also weighed in on NEM. UBS Group raised their price objective on Newmont from $50.00 to $65.00 and gave the company a buy rating in a research report on Tuesday, September 17th. Jefferies Financial Group lifted their price target on Newmont from $50.00 to $54.00 and gave the stock a buy rating in a research report on Friday, July 12th. Argus raised shares of Newmont from a hold rating to a buy rating and set a $58.00 price objective on the stock in a research report on Thursday, August 29th. CIBC upgraded shares of Newmont from a neutral rating to a sector outperform rating and raised their price objective for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Finally, BMO Capital Markets increased their price target on shares of Newmont from $56.00 to $57.00 and gave the company an outperform rating in a report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $52.62.

Newmont Stock Performance

Shares of NEM stock opened at $54.00 on Monday. The company’s fifty day moving average price is $51.23 and its 200-day moving average price is $44.69. The stock has a market cap of $62.27 billion, a PE ratio of -20.22, a price-to-earnings-growth ratio of 0.47 and a beta of 0.49. 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 has a 12 month low of $29.42 and a 12 month high of $56.30.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Newmont’s quarterly revenue was up 64.1% on a year-over-year basis. On average, equities analysts expect that Newmont will post 2.88 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Thursday, September 5th. Newmont’s payout ratio is currently -37.45%.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s 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 transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,000 shares of company stock valued at $2,197,010. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

Several institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its position in shares of Newmont by 29.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 932,106 shares of the basic materials company’s stock valued at $38,580,000 after acquiring an additional 210,264 shares in the last quarter. NEOS Investment Management LLC boosted its stake in Newmont by 99.9% in the 4th quarter. NEOS Investment Management LLC now owns 16,338 shares of the basic materials company’s stock worth $676,000 after purchasing an additional 8,165 shares during the period. CIBC Asset Management Inc grew its holdings in Newmont by 27.9% during the 4th quarter. CIBC Asset Management Inc now owns 224,211 shares of the basic materials company’s stock valued at $9,281,000 after buying an additional 48,849 shares in the last quarter. Rafferty Asset Management LLC raised its position in shares of Newmont by 51.0% during the fourth quarter. Rafferty Asset Management LLC now owns 89,419 shares of the basic materials company’s stock valued at $3,701,000 after buying an additional 30,202 shares during the last quarter. Finally, Peapack Gladstone Financial Corp lifted its holdings in shares of Newmont by 13.2% in the fourth quarter. Peapack Gladstone Financial Corp now owns 13,766 shares of the basic materials company’s stock worth $569,000 after buying an additional 1,608 shares in the last quarter. 68.85% of the stock is currently owned by 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.