Newmont Co. (NYSE:NEM) – Stock analysts at Jefferies Financial Group lowered their FY2020 earnings per share estimates for shares of Newmont in a research note issued to investors on Wednesday, December 2nd. Jefferies Financial Group analyst C. Lafemina now forecasts that the basic materials company will post earnings per share of $2.62 for the year, down from their prior forecast of $3.02. Jefferies Financial Group also issued estimates for Newmont’s FY2021 earnings at $4.46 EPS.
Several other research analysts also recently commented on the company. UBS Group lifted their price target on Newmont from $58.00 to $71.00 and gave the stock a “neutral” rating in a research report on Monday, August 24th. 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 report on Wednesday, November 25th. Raymond James lifted their price target on Newmont from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday, October 30th. Fundamental Research lifted their price target on Newmont from $74.64 to $75.59 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Finally, ValuEngine downgraded Newmont from a “hold” rating to a “sell” rating in a research report on Wednesday, November 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $72.17.
Shares of NYSE NEM opened at $59.44 on Friday. The company has a quick ratio of 2.47, a current ratio of 2.83 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $62.35 and its two-hundred day moving average is $62.81. The company has a market cap of $47.73 billion, a P/E ratio of 18.69 and a beta of 0.26. Newmont has a 12 month low of $33.00 and a 12 month high of $72.22.
Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 29th. The basic materials company reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.07. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.24 billion. Newmont had a return on equity of 7.37% and a net margin of 23.19%. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. Contravisory Investment Management Inc. acquired a new stake in shares of Newmont in the third quarter valued at approximately $26,000. Rosenberg Matthew Hamilton acquired a new stake in shares of Newmont in the second quarter valued at approximately $27,000. Providence Capital Advisors LLC acquired a new stake in shares of Newmont in the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of Newmont in the third quarter valued at approximately $32,000. Finally, Clearstead Advisors LLC acquired a new stake in shares of Newmont in the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 75.69% of the company’s stock.
In other news, CAO John Kitlen sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $64.59, for a total transaction of $129,180.00. Following the transaction, the chief accounting officer now owns 39,742 shares of the company’s stock, valued at $2,566,935.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dean Gehring sold 3,048 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $64.59, for a total value of $196,870.32. Following the completion of the sale, the executive vice president now owns 15,286 shares of the company’s stock, valued at approximately $987,322.74. The disclosure for this sale can be found here. Insiders have sold 34,613 shares of company stock worth $2,200,937 in the last ninety days. 0.28% of the stock is currently owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 28th. Shareholders of record on Friday, December 11th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, December 10th. This represents a $1.60 dividend on an annualized basis and a yield of 2.69%. This is a positive change from Newmont’s previous quarterly dividend of $0.25. Newmont’s payout ratio is currently 75.76%.
Newmont Company Profile
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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