Newmont Goldcorp (NYSE:NEM) Price Target Cut to $47.00

Newmont Goldcorp (NYSE:NEM) had its price objective decreased by equities researchers at BMO Capital Markets from $50.00 to $47.00 in a research report issued on Tuesday, BenzingaRatingsTable reports. The firm presently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 21.32% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the stock. Macquarie began coverage on shares of Newmont Goldcorp in a research note on Thursday, September 12th. They issued a “neutral” rating for the company. TheStreet raised shares of Newmont Goldcorp from a “c+” rating to a “b” rating in a research note on Tuesday, November 5th. National Bank Financial reissued an “outperform market weight” rating on shares of Newmont Goldcorp in a research report on Wednesday, October 23rd. Citigroup raised their price target on shares of Newmont Goldcorp from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, TD Securities downgraded Newmont Goldcorp to a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $43.64.

NYSE NEM opened at $38.74 on Tuesday. Newmont Goldcorp has a twelve month low of $29.77 and a twelve month high of $41.23. The stock has a market cap of $31.48 billion, a PE ratio of 28.70 and a beta of -0.06. The firm has a 50-day simple moving average of $38.20 and a 200 day simple moving average of $37.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.76 and a current ratio of 2.18.

Newmont Goldcorp (NYSE:NEM) last released its quarterly earnings data on Tuesday, November 5th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.83 billion. Newmont Goldcorp had a net margin of 25.42% and a return on equity of 4.71%. The business’s revenue for the quarter was up 57.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 earnings per share. Research analysts forecast that Newmont Goldcorp will post 1.32 earnings per share for the current fiscal year.

In other Newmont Goldcorp news, CAO John Kitlen sold 750 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.32, for a total transaction of $29,490.00. Following the sale, the chief accounting officer now owns 41,923 shares of the company’s stock, valued at approximately $1,648,412.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $37.56, for a total transaction of $150,240.00. Following the completion of the sale, the chief executive officer now owns 250,073 shares of the company’s stock, valued at approximately $9,392,741.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,750 shares of company stock worth $1,216,328. 0.44% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advantage Investment Management LLC boosted its position in shares of Newmont Goldcorp by 556.0% in the 2nd quarter. Advantage Investment Management LLC now owns 656 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 556 shares during the last quarter. Sterling Investment Advisors Ltd. bought a new stake in Newmont Goldcorp in the second quarter valued at approximately $25,000. Valley National Advisers Inc. raised its holdings in Newmont Goldcorp by 1,212.0% in the second quarter. Valley National Advisers Inc. now owns 656 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 606 shares during the period. Archford Capital Strategies LLC boosted its position in shares of Newmont Goldcorp by 66.7% during the fourth quarter. Archford Capital Strategies LLC now owns 750 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 300 shares in the last quarter. Finally, Reilly Financial Advisors LLC acquired a new position in shares of Newmont Goldcorp in the 3rd quarter valued at $26,000. 81.06% of the stock is currently owned by institutional investors and hedge funds.

Newmont Goldcorp Company Profile

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.

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