Newmont (NYSE:NEM) Shares Gap Up to $39.07

Shares of Newmont Co. (NYSE:NEM) gapped up before the market opened on Friday . The stock had previously closed at $39.07, but opened at $40.20. Newmont shares last traded at $40.51, with a volume of 3,178,327 shares.

Analyst Ratings Changes

NEM has been the topic of several recent research reports. TD Securities reduced their price objective on Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, February 23rd. BMO Capital Markets lowered their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. StockNews.com lowered shares of Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Royal Bank of Canada decreased their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 8th. Finally, Citigroup dropped their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $51.97.

Newmont Price Performance

The firm has a 50-day simple moving average of $34.30 and a 200 day simple moving average of $36.77. The firm has a market cap of $44.54 billion, a PE ratio of -16.24, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98.

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

Newmont Cuts Dividend

The business also recently disclosed 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 2.59%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s payout ratio is -42.02%.

Hedge Funds Weigh In On Newmont

Several large investors have recently modified their holdings of NEM. Parkside Financial Bank & Trust raised its holdings in Newmont by 25.8% in the first quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after buying an additional 278 shares during the last quarter. S.A. Mason LLC raised its stake in shares of Newmont by 15.1% in the third quarter. S.A. Mason LLC now owns 2,175 shares of the basic materials company’s stock worth $80,000 after purchasing an additional 285 shares during the last quarter. Grey Street Capital LLC raised its position in Newmont by 0.4% in the 4th quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock worth $2,892,000 after buying an additional 289 shares during the last quarter. Moody National Bank Trust Division raised its holdings in shares of Newmont by 1.7% during the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after purchasing an additional 296 shares during the last quarter. Finally, Reitz Capital Advisors LLC lifted its holdings in shares of Newmont by 1.1% during the 4th quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock valued at $1,166,000 after buying an additional 298 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.