Newmont (NYSE:NEM) Earns Underperform Rating from Analysts at CLSA

CLSA assumed coverage on shares of Newmont (NYSE:NEM) in a research report report published on Friday morning, Marketbeat reports. The firm issued an underperform rating on the basic materials company’s stock.

NEM has been the subject of several other research reports. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Royal Bank of Canada lowered their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Finally, Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Price Performance

NYSE NEM opened at $41.96 on Friday. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The firm’s 50 day moving average is $49.09 and its 200-day moving average is $47.42. The company has a market capitalization of $47.77 billion, a PE ratio of -27.61, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 EPS. Newmont’s revenue was up 84.7% on a year-over-year basis. Equities research analysts anticipate that Newmont will post 3.08 earnings per share for the current fiscal 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 paid a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. The trade was a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the company. Waverton Investment Management Ltd raised its position in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after purchasing an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC bought a new position in shares of Newmont in the 3rd quarter valued at $1,263,000. Bridgewater Associates LP raised its holdings in shares of Newmont by 1,947.6% during the 3rd quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock worth $38,035,000 after buying an additional 676,838 shares in the last quarter. Herr Investment Group LLC bought a new stake in shares of Newmont during the 2nd quarter worth $419,000. Finally, Truist Financial Corp grew its position in Newmont by 8.1% in the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after acquiring an additional 11,276 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

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.