TD Securities Boosts Newmont (NYSE:NEM) Price Target to $48.00

Newmont (NYSE:NEM) had its target price lifted by TD Securities from $43.00 to $48.00 in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage currently has a hold rating on the basic materials company’s stock.

A number of other research analysts have also issued reports on the company. Royal Bank of Canada dropped their target price on Newmont from $45.00 to $40.00 and set a sector perform rating on the stock in a report on Thursday, February 8th. Jefferies Financial Group started coverage on shares of Newmont in a research note on Thursday, February 29th. They issued a buy rating and a $38.00 price objective on the stock. National Bank Financial restated an outperform overweight rating on shares of Newmont in a research note on Monday, April 8th. Scotiabank reduced their price target on Newmont from $50.00 to $43.50 and set a sector perform rating for the company in a report on Wednesday, February 28th. Finally, Citigroup lowered their price target on Newmont from $60.00 to $45.00 and set a buy rating on the stock in a report on Thursday, April 4th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $51.75.

Newmont Price Performance

Shares of NYSE NEM opened at $42.26 on Friday. The stock has a market cap of $48.72 billion, a P/E ratio of -15.83, a P/E/G ratio of 1.09 and a beta of 0.50. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18. The stock has a 50 day moving average of $35.71 and a two-hundred day moving average of $36.95. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. During the same period in the prior year, the company earned $0.40 earnings per share. The business’s revenue was up 50.2% compared to the same quarter last year. On average, research analysts forecast that Newmont will post 2.16 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio is currently -37.45%.

Institutional Investors Weigh In On Newmont

Institutional investors have recently bought and sold shares of the stock. Grey Street Capital LLC boosted its holdings in shares of Newmont by 0.4% in the 4th quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock valued at $2,892,000 after purchasing an additional 289 shares during the last quarter. Moody National Bank Trust Division raised its position in shares of Newmont by 1.7% in the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after buying an additional 296 shares during the period. Reitz Capital Advisors LLC boosted its holdings in Newmont by 1.1% in the fourth quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock valued at $1,166,000 after acquiring an additional 298 shares during the last quarter. Antonetti Capital Management LLC grew its position in Newmont by 30.0% during the third quarter. Antonetti Capital Management LLC now owns 1,300 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 300 shares during the period. Finally, Sigma Planning Corp increased its stake in Newmont by 4.6% during the third quarter. Sigma Planning Corp now owns 7,052 shares of the basic materials company’s stock worth $261,000 after acquiring an additional 309 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other 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.