Newmont Co. (NYSE:NEM) – Research analysts at Jefferies Financial Group raised their FY2021 earnings estimates for Newmont in a report released on Monday, January 4th. Jefferies Financial Group analyst C. Lafemina now anticipates that the basic materials company will post earnings of $4.19 per share for the year, up from their previous forecast of $4.15. Jefferies Financial Group also issued estimates for Newmont’s FY2023 earnings at $3.92 EPS and FY2024 earnings at $3.88 EPS.
Other research analysts have also issued research reports about the company. ValuEngine lowered Newmont from a “hold” rating to a “sell” rating in a research report on Wednesday, November 18th. Raymond James lifted their target price on Newmont from $88.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, December 9th. TD Securities lifted their price target on Newmont from $85.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, December 9th. BidaskClub upgraded Newmont from a “strong sell” rating to a “sell” rating in a research note on Thursday. Finally, Zacks Investment Research downgraded Newmont from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research note on Wednesday, November 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $72.51.
NYSE NEM opened at $65.24 on Thursday. The business has a fifty day moving average price of $60.05 and a 200 day moving average price of $62.93. Newmont has a one year low of $33.00 and a one year high of $72.22. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.47 and a current ratio of 2.83. The company has a market cap of $52.41 billion, a P/E ratio of 20.52 and a beta of 0.15.
Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 29th. The basic materials company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.07. Newmont had a return on equity of 7.37% and a net margin of 23.19%. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was up 16.8% compared to the same quarter last year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Lombard Odier Asset Management Switzerland SA boosted its stake in Newmont by 31.5% during the 3rd quarter. Lombard Odier Asset Management Switzerland SA now owns 42,704 shares of the basic materials company’s stock valued at $2,710,000 after purchasing an additional 10,230 shares during the period. Recurrent Investment Advisors LLC bought a new position in shares of Newmont during the 2nd quarter worth approximately $710,000. Avantax Advisory Services Inc. lifted its position in shares of Newmont by 123.4% during the 3rd quarter. Avantax Advisory Services Inc. now owns 16,712 shares of the basic materials company’s stock worth $1,062,000 after buying an additional 9,232 shares during the period. Harbor Investment Advisory LLC lifted its position in shares of Newmont by 1,773.2% during the 3rd quarter. Harbor Investment Advisory LLC now owns 768 shares of the basic materials company’s stock worth $49,000 after buying an additional 727 shares during the period. Finally, Flagship Harbor Advisors LLC lifted its position in shares of Newmont by 82.5% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,034 shares of the basic materials company’s stock worth $255,000 after buying an additional 1,823 shares during the period. 75.69% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO Robert D. Atkinson sold 1,347 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $63.25, for a total value of $85,197.75. Following the completion of the transaction, the chief operating officer now owns 86,947 shares of the company’s stock, valued at $5,499,397.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP E Randall Engel sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $63.40, for a total value of $317,000.00. Following the sale, the executive vice president now owns 279,341 shares in the company, valued at $17,710,219.40. The disclosure for this sale can be found here. Insiders sold 47,815 shares of company stock valued at $2,958,618 in the last ninety days. Company insiders own 0.28% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Monday, December 28th. Stockholders of record on Friday, December 11th were given a $0.40 dividend. This is an increase from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, December 10th. This represents a $1.60 annualized dividend and a dividend yield of 2.45%. Newmont’s dividend payout ratio is presently 121.21%.
Newmont Corporation engages in the production and exploration of gold, 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, and Ghana. As of December 31, 2019, it had proven and probable gold reserves of 100.2 million ounces and land position of 68,300 square kilometers.
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