Newmont Co. (NYSE:NEM) Receives $51.99 Average Price Target from Brokerages

Shares of Newmont Co. (NYSE:NEM) have earned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $51.99.

Several equities analysts have weighed in on NEM shares. National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. Citigroup decreased their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Scotiabank decreased their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. Royal Bank of Canada decreased their price objective on Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. Finally, Jefferies Financial Group started coverage on Newmont in a report on Thursday, February 29th. They set a “buy” rating and a $38.00 price objective on the stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after purchasing an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of 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 worth $2,122,913,000 after purchasing an additional 18,664,614 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 worth $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of 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 worth $983,267,000 after acquiring an additional 5,475,155 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Newmont during the fourth quarter worth about $604,516,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Performance

Newmont stock opened at $38.64 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The stock has a fifty day moving average of $34.30 and a two-hundred day moving average of $36.77. The company has a market capitalization of $44.54 billion, a price-to-earnings ratio of -16.24, a PEG ratio of 1.06 and a beta of 0.50. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $51.46.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.01). The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 EPS. On average, analysts anticipate that Newmont will post 1.97 EPS for the current fiscal year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s payout ratio is currently -42.02%.

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.