Newmont (NYSE:NEM) Raised to Buy at UBS Group

UBS Group upgraded shares of Newmont (NYSE:NEM) from a neutral rating to a buy rating in a research report released on Monday morning, MarketBeat reports. UBS Group currently has $50.00 target price on the basic materials company’s stock, up from their previous target price of $40.00.

Several other research analysts have also commented on the stock. Citigroup dropped their price objective on shares of Newmont from $60.00 to $45.00 and set a buy rating for the company in a research note on Thursday, April 4th. TD Securities boosted their target price on shares of Newmont from $43.00 to $48.00 and gave the stock a hold rating in a report on Friday, April 26th. National Bank Financial downgraded shares of Newmont from an outperform overweight rating to a sector perform overweight rating in a report on Tuesday, April 30th. BMO Capital Markets cut their price objective on shares of Newmont from $54.00 to $53.00 and set an outperform rating on the stock in a report on Tuesday, May 21st. Finally, Jefferies Financial Group started coverage on Newmont in a research report on Thursday, February 29th. They issued a buy rating and a $38.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $49.07.

Newmont Trading Up 2.2 %

Newmont stock opened at $41.79 on Monday. The stock has a market cap of $48.19 billion, a P/E ratio of -15.65, a PEG ratio of 0.35 and a beta of 0.52. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90. Newmont has a 1 year low of $29.42 and a 1 year high of $45.92. The firm’s 50 day moving average price is $41.18 and its 200-day moving average price is $37.98.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. Newmont’s quarterly revenue was up 50.2% on a year-over-year basis. On average, equities analysts predict that Newmont will post 2.42 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Tuesday, June 4th. Newmont’s payout ratio is presently -37.45%.

Institutional Investors Weigh In On Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. State of Alaska Department of Revenue increased its position in Newmont by 27.5% during the fourth quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after buying an additional 36,645 shares during the period. American International Group Inc. raised its holdings in shares of Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after acquiring an additional 58,217 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Newmont by 34.1% in the fourth quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after acquiring an additional 325,320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Newmont by 13.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock worth $32,926,000 after acquiring an additional 94,692 shares during the last quarter. Finally, Premier Fund Managers Ltd acquired a new position in Newmont in the fourth quarter valued at $1,276,000. Institutional investors and hedge funds 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.