Newmont (NYSE:NEM) PT Raised to $48.00

Newmont (NYSE:NEM) had its target price increased by Scotiabank from $46.50 to $48.00 in a report released on Thursday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the stock. Argus cut shares of Newmont from a buy rating to a hold rating in a research report on Monday, February 26th. Royal Bank of Canada cut their target price on shares of Newmont from $45.00 to $40.00 and set a sector perform rating for the company in a research report on Thursday, February 8th. Citigroup lowered their price target on shares of Newmont from $60.00 to $45.00 and set a buy rating for the company in a report on Thursday, April 4th. TD Securities lifted their price target on shares of Newmont from $43.00 to $48.00 and gave the stock a hold rating in a report on Friday, April 26th. Finally, StockNews.com upgraded shares of Newmont from a sell rating to a hold rating in a report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Newmont currently has an average rating of Hold and an average target price of $48.36.

Newmont Stock Performance

Shares of NEM opened at $41.98 on Thursday. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The stock has a market cap of $48.41 billion, a P/E ratio of -15.72, a PEG ratio of 0.34 and a beta of 0.48. The company has a 50-day moving average of $39.31 and a two-hundred day moving average of $37.45. Newmont has a 12-month low of $29.42 and a 12-month high of $45.92.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 earnings per share. As a group, research analysts predict that Newmont will post 2.37 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.38%. Newmont’s payout ratio is -37.45%.

Institutional Investors Weigh In On Newmont

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after buying an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp lifted its position in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after buying an additional 18,664,614 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after buying an additional 7,635,657 shares in the last quarter. First Eagle Investment Management LLC lifted its position in Newmont by 29.9% during the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after buying an additional 5,475,155 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

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.