Newmont Co. (NYSE:NEM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Newmont Co. (NYSE:NEM) has earned an average rating of “Moderate Buy” from the fourteen brokerages that are covering the company, Marketbeat reports. Six investment 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 brokerages that have covered the stock in the last year is $51.99.

A number of analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Newmont in a report on Thursday, February 29th. They set a “buy” rating and a $38.00 price target on the stock. Argus downgraded shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a report on Wednesday, January 3rd. BMO Capital Markets dropped their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Finally, Royal Bank of Canada dropped their price objective on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its holdings in shares of Newmont by 27.5% in the fourth quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after buying an additional 36,645 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Newmont by 22.3% in the third quarter. Janney Montgomery Scott LLC now owns 145,639 shares of the basic materials company’s stock worth $5,382,000 after buying an additional 26,599 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Newmont by 13.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock worth $32,926,000 after buying an additional 94,692 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Newmont by 1,770.8% in the fourth quarter. SG Americas Securities LLC now owns 63,664 shares of the basic materials company’s stock worth $2,635,000 after buying an additional 60,261 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Newmont by 70.5% in the fourth quarter. Pacer Advisors Inc. now owns 85,401 shares of the basic materials company’s stock worth $3,535,000 after buying an additional 35,303 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $39.08 on Friday. Newmont has a one year low of $29.42 and a one year high of $51.46. The company’s 50-day moving average is $34.22 and its 200 day moving average is $36.80. The company has a market capitalization of $45.05 billion, a price-to-earnings ratio of -16.42, a price-to-earnings-growth ratio of 3.37 and a beta of 0.50. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 negative net margin of 20.95% and a positive return on equity of 6.21%. The business’s revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Sell-side analysts expect that Newmont will post 1.88 EPS for the current fiscal year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Monday, March 4th. Newmont’s payout ratio is -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.