Newmont (NYSE:NEM) Price Target Raised to $48.00 at TD Securities

Newmont (NYSE:NEM) had its price target hoisted by TD Securities from $43.00 to $48.00 in a research note released on Friday, Marketbeat reports. The firm currently has a hold rating on the basic materials company’s stock.

Other analysts have also issued research reports about the company. Argus lowered Newmont from a buy rating to a hold rating in a report on Monday, February 26th. Citigroup reduced their target price on Newmont from $60.00 to $45.00 and set a buy rating on the stock in a research note on Thursday, April 4th. Royal Bank of Canada reduced their target price on Newmont from $45.00 to $40.00 and set a sector perform rating on the stock in a research note on Thursday, February 8th. Scotiabank reduced their target price on Newmont from $50.00 to $43.50 and set a sector perform rating on the stock in a research note on Wednesday, February 28th. Finally, BMO Capital Markets reduced 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. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of Moderate Buy and a consensus target price of $51.75.

Newmont Stock Performance

NYSE:NEM opened at $42.73 on Friday. The stock’s fifty day moving average is $35.54 and its 200 day moving average is $36.93. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $50.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEM) last released 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. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. Newmont’s quarterly revenue was up 50.2% compared to the same quarter last year. As a group, equities research analysts forecast that Newmont will post 2.16 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company 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 dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s payout ratio is -37.45%.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently added to or reduced their stakes in NEM. AE Wealth Management LLC boosted its position in Newmont by 2.5% during the third quarter. AE Wealth Management LLC now owns 30,989 shares of the basic materials company’s stock valued at $1,145,000 after purchasing an additional 767 shares in the last quarter. Czech National Bank boosted its position in Newmont by 47.6% during the third quarter. Czech National Bank now owns 138,902 shares of the basic materials company’s stock valued at $5,132,000 after purchasing an additional 44,824 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Newmont by 1.6% during the third quarter. Asset Management One Co. Ltd. now owns 470,097 shares of the basic materials company’s stock valued at $17,370,000 after purchasing an additional 7,512 shares in the last quarter. Handelsbanken Fonder AB boosted its position in Newmont by 4.1% during the third quarter. Handelsbanken Fonder AB now owns 215,555 shares of the basic materials company’s stock valued at $7,965,000 after purchasing an additional 8,444 shares in the last quarter. Finally, First Personal Financial Services boosted its holdings in Newmont by 4.2% in the third quarter. First Personal Financial Services now owns 49,780 shares of the basic materials company’s stock worth $1,839,000 after acquiring an additional 1,994 shares in the last quarter. 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.