Newmont Co. (NYSE:NEM) Given Consensus Rating of “Moderate Buy” by Brokerages

Newmont Co. (NYSE:NEM) has earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $51.99.

A number of research analysts have weighed in on NEM shares. National Bank Financial restated an “outperform overweight” rating on shares of Newmont in a report on Wednesday, January 3rd. Scotiabank decreased their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. TD Securities reduced their price target on Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a report on Friday, February 23rd. BMO Capital Markets reduced their price target on Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Finally, Argus lowered Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th.

Newmont Price Performance

Newmont stock opened at $39.08 on Friday. The company’s fifty day moving average price is $34.22 and its 200 day moving average price is $36.80. Newmont has a 1 year low of $29.42 and a 1 year high of $51.46. The stock has a market capitalization of $45.05 billion, a P/E ratio of -16.42, a P/E/G 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 released 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). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. During the same period in the prior year, the business posted $0.44 EPS. Newmont’s revenue was up 23.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Newmont will post 1.88 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date was Monday, March 4th. Newmont’s payout ratio is -42.02%.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of NEM. Vanguard Group Inc. grew its position in Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after acquiring an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp grew its position in Newmont by 57.2% in the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after acquiring an additional 18,664,614 shares in the last quarter. Norges Bank acquired a new position in Newmont in the 4th quarter valued at about $604,516,000. Charles Schwab Investment Management Inc. grew its position in Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after acquiring an additional 7,635,657 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its position in Newmont by 29.9% in the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after acquiring an additional 5,475,155 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.