Newmont (NYSE:NEM) Given New $66.00 Price Target at Raymond James

Newmont (NYSE:NEM) had its price target increased by Raymond James from $65.00 to $66.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an outperform rating on the basic materials company’s stock. Raymond James also issued estimates for Newmont’s FY2024 earnings at $3.03 EPS and Q1 2025 earnings at $0.88 EPS.

A number of other research analysts have also recently commented on the company. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price target for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. UBS Group increased their target price on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.85.

Newmont Trading Down 1.7 %

Shares of NEM stock traded down $0.83 on Friday, hitting $48.42. 28,269,559 shares of the stock traded hands, compared to its average volume of 10,362,343. The firm’s 50-day moving average price is $53.42 and its two-hundred day moving average price is $46.76. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The stock has a market capitalization of $55.56 billion, a PE ratio of -22.84, a PEG ratio of 0.49 and a beta of 0.50.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period in the previous year, the business posted $0.36 earnings per share. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, analysts anticipate that Newmont will post 3.07 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors 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 2.07%. Newmont’s payout ratio is -47.17%.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. 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 90 days, insiders have sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Newmont

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the period. Maj Invest Holding A S boosted its holdings in shares of Newmont by 296.0% in the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after acquiring an additional 2,561,823 shares in the last quarter. Capital International Investors acquired a new position in shares of Newmont during the first quarter valued at approximately $49,444,000. Van ECK Associates Corp increased its stake in shares of Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after purchasing an additional 1,096,905 shares during the period. 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.