Newmont (NYSE:NEM) Rating Lowered to Sector Perform Overweight at National Bank Financial

National Bank Financial downgraded shares of Newmont (NYSE:NEM) from an outperform overweight rating to a sector perform overweight rating in a research report sent to investors on Tuesday, Zacks.com reports. National Bank Financial also issued estimates for Newmont’s FY2024 earnings at $2.42 EPS, FY2025 earnings at $2.80 EPS and FY2026 earnings at $2.33 EPS.

A number of other research firms have also commented on NEM. StockNews.com upgraded shares of Newmont from a sell rating to a hold rating in a report on Friday, April 26th. BMO Capital Markets cut their target price on Newmont from $57.00 to $56.00 and set an outperform rating on the stock in a research note on Thursday, February 15th. Citigroup lowered their price target on Newmont from $60.00 to $45.00 and set a buy rating for the company in a research report on Thursday, April 4th. Jefferies Financial Group assumed coverage on Newmont in a research report on Thursday, February 29th. They issued a buy rating and a $38.00 price objective on the stock. Finally, Royal Bank of Canada decreased their target price on Newmont from $45.00 to $40.00 and set a sector perform rating for the company in a report on Thursday, February 8th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $48.35.

Newmont Stock Down 1.0 %

Shares of NYSE:NEM opened at $40.66 on Tuesday. The stock has a market capitalization of $46.88 billion, a P/E ratio of -15.23, a price-to-earnings-growth ratio of 1.04 and a beta of 0.48. The stock’s 50-day moving average price is $36.21 and its 200-day moving average price is $37.01. 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 has a 12-month low of $29.42 and a 12-month high of $50.18.

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

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be given a $0.25 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.46%. Newmont’s dividend payout ratio is currently -37.45%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Mizuho Securities Co. Ltd. purchased a new stake in shares of Newmont in the third quarter worth $26,000. Life Planning Partners Inc bought a new position in Newmont in the 4th quarter worth about $26,000. Manchester Capital Management LLC grew its position in Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares during the last quarter. OFI Invest Asset Management bought a new stake in Newmont during the 3rd quarter valued at about $30,000. Finally, CVA Family Office LLC purchased a new position in Newmont in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.