Newmont (NYSE:NEM) Rating Increased to Buy at UBS Group

UBS Group upgraded shares of Newmont (NYSE:NEM) from a neutral rating to a buy rating in a research note issued to investors on Friday morning, Marketbeat.com reports. UBS Group currently has $60.00 price target on the basic materials company’s stock, up from their previous price target of $50.00.

Several other research firms also recently weighed in on NEM. The Goldman Sachs Group began coverage on shares of Newmont in a research note on Monday, January 13th. They issued a “buy” rating and a $47.20 target price for the company. Raymond James raised their price target on Newmont from $54.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, April 4th. Royal Bank of Canada lifted their price objective on shares of Newmont from $51.00 to $52.00 and gave the stock a “sector perform” rating in a report on Friday, April 4th. Scotiabank cut their target price on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. Finally, StockNews.com raised Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.55.

Newmont Stock Up 7.6 %

Newmont stock opened at $54.80 on Friday. Newmont has a fifty-two week low of $36.60 and a fifty-two week high of $58.72. The firm’s 50-day simple moving average is $46.17 and its 200 day simple moving average is $45.04. The stock has a market cap of $61.77 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. Research analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 1.82%. Newmont’s dividend payout ratio (DPR) is presently 34.13%.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $42.89, for a total transaction of $128,670.00. Following the sale, the executive vice president now directly owns 79,596 shares of the company’s stock, valued at approximately $3,413,872.44. This represents a 3.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $89,082.53. Following the completion of the transaction, the director now owns 49,993 shares of the company’s stock, valued at approximately $2,144,199.77. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,154 shares of company stock worth $825,678 over the last ninety days. 0.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its position in Newmont by 117.3% during the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock valued at $1,854,000 after purchasing an additional 18,722 shares in the last quarter. Nordea Investment Management AB grew its stake in Newmont by 173.0% during the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after acquiring an additional 1,578,545 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Newmont by 57.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after purchasing an additional 865,213 shares during the last quarter. Brookstone Capital Management bought a new stake in Newmont in the 4th quarter worth approximately $245,000. Finally, Moody National Bank Trust Division increased its position in Newmont by 13.6% in the fourth quarter. Moody National Bank Trust Division now owns 22,079 shares of the basic materials company’s stock worth $822,000 after purchasing an additional 2,645 shares during the last quarter. 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.