Newmont Co. (NYSE:NEM) Receives $49.07 Average Target Price from Brokerages

Newmont Co. (NYSE:NEM) has been given an average rating of “Moderate Buy” by the sixteen analysts that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $49.13.

Several equities analysts recently commented on the company. Bank of America boosted their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research report on Friday, June 21st. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Citigroup reduced their target price on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Finally, BMO Capital Markets dropped their price target on Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Tuesday, May 21st.

Newmont Price Performance

Shares of NYSE NEM opened at $41.87 on Wednesday. The stock has a market cap of $48.28 billion, a PE ratio of -15.68, a price-to-earnings-growth ratio of 0.35 and a beta of 0.52. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $45.92. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The stock has a fifty day moving average of $41.67 and a 200-day moving average of $38.11.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate 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 positive return on equity of 6.88% and a negative net margin of 20.19%. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 earnings per share. Equities research analysts anticipate that Newmont will post 2.48 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.39%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NEM. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Newmont in the 3rd quarter worth approximately $134,000. Operose Advisors LLC grew its stake in shares of Newmont by 156.8% in the 3rd quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock worth $38,000 after buying an additional 635 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Newmont by 6.9% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 18,708 shares of the basic materials company’s stock worth $691,000 after buying an additional 1,208 shares during the last quarter. Mutual Advisors LLC grew its stake in shares of Newmont by 4.9% in the 3rd quarter. Mutual Advisors LLC now owns 19,827 shares of the basic materials company’s stock worth $733,000 after buying an additional 927 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in shares of Newmont by 3.1% in the 3rd quarter. Treasurer of the State of North Carolina now owns 542,140 shares of the basic materials company’s stock worth $20,032,000 after buying an additional 16,310 shares during the last quarter. 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.