Newmont Goldcorp (NYSE:NEM) had its target price increased by equities research analysts at Deutsche Bank from $50.00 to $54.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Deutsche Bank’s target price would indicate a potential upside of 11.85% from the stock’s previous close.
NEM has been the subject of a number of other research reports. Eight Capital assumed coverage on shares of Newmont Goldcorp in a report on Monday, December 16th. They set a “hold” rating for the company. ValuEngine raised shares of Newmont Goldcorp from a “sell” rating to a “hold” rating in a report on Friday, February 21st. Royal Bank of Canada reaffirmed a “hold” rating and set a $48.00 target price on shares of Newmont Goldcorp in a report on Wednesday. Raymond James dropped their target price on shares of Newmont Goldcorp from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, UBS Group assumed coverage on shares of Newmont Goldcorp in a report on Thursday, February 6th. They set a “neutral” rating and a $46.00 target price for the company. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $49.42.
Shares of Newmont Goldcorp stock traded up $0.74 during trading hours on Thursday, reaching $48.28. 10,891,940 shares of the company’s stock were exchanged, compared to its average volume of 9,457,875. Newmont Goldcorp has a 1 year low of $29.77 and a 1 year high of $52.49. The company has a market capitalization of $38.37 billion, a P/E ratio of 13.91 and a beta of 0.15. The business has a fifty day moving average of $45.62 and a two-hundred day moving average of $41.54. The company has a quick ratio of 2.20, a current ratio of 2.63 and a debt-to-equity ratio of 0.30.
Newmont Goldcorp (NYSE:NEM) last released its earnings results on Thursday, February 20th. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.02. Newmont Goldcorp had a net margin of 28.80% and a return on equity of 5.07%. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 44.9% compared to the same quarter last year. As a group, research analysts predict that Newmont Goldcorp will post 2.27 EPS for the current year.
Newmont Goldcorp announced that its Board of Directors has initiated a share buyback plan on Monday, December 2nd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the basic materials company to buy up to 3.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, CEO Thomas Ronald Palmer sold 4,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $43.55, for a total value of $174,200.00. Following the completion of the sale, the chief executive officer now owns 238,073 shares of the company’s stock, valued at $10,368,079.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO John Kitlen sold 1,500 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $43.78, for a total transaction of $65,670.00. Following the completion of the sale, the chief accounting officer now directly owns 38,173 shares of the company’s stock, valued at approximately $1,671,213.94. The disclosure for this sale can be found here. Insiders sold 32,650 shares of company stock valued at $1,467,109 in the last three months. 0.28% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in NEM. Norges Bank purchased a new position in Newmont Goldcorp during the fourth quarter worth about $378,296,000. FMR LLC boosted its stake in Newmont Goldcorp by 43.2% during the fourth quarter. FMR LLC now owns 16,488,081 shares of the basic materials company’s stock worth $716,407,000 after buying an additional 4,973,929 shares during the period. Renaissance Technologies LLC boosted its stake in Newmont Goldcorp by 27.1% during the fourth quarter. Renaissance Technologies LLC now owns 9,234,499 shares of the basic materials company’s stock worth $401,242,000 after buying an additional 1,966,320 shares during the period. Van ECK Associates Corp boosted its stake in Newmont Goldcorp by 4.7% during the fourth quarter. Van ECK Associates Corp now owns 39,275,253 shares of the basic materials company’s stock worth $1,706,510,000 after buying an additional 1,764,699 shares during the period. Finally, Boston Partners boosted its stake in Newmont Goldcorp by 1,167.1% during the third quarter. Boston Partners now owns 1,000,711 shares of the basic materials company’s stock worth $37,947,000 after buying an additional 921,736 shares during the period. 82.66% of the stock is owned by institutional investors.
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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