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

Shares of Newmont Co. (NYSE:NEM) have received a consensus rating of “Moderate Buy” from the sixteen analysts that are currently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $49.13.

Several equities analysts have recently issued reports on NEM shares. Bank of America boosted their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Sanford C. Bernstein cut their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 16th. Citigroup cut their target price on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Finally, TD Securities upped their price target on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday, April 26th.

Newmont Stock Up 0.1 %

Shares of NEM stock opened at $41.71 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The business has a 50 day moving average of $41.75 and a two-hundred day moving average of $38.10. Newmont has a 52 week low of $29.42 and a 52 week high of $45.92.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. Newmont’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. As a group, equities analysts predict that Newmont will post 2.48 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently modified their holdings of NEM. Vanguard Group Inc. boosted its holdings in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Newmont by 57.2% during the fourth 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 during the period. Charles Schwab Investment Management Inc. boosted its holdings in Newmont by 44.9% during the fourth 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 during the period. First Eagle Investment Management LLC boosted its holdings in Newmont by 29.9% during the fourth 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 during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.