TD Securities Raises Newmont (NYSE:NEM) Price Target to $48.00

Newmont (NYSE:NEM) had its price target hoisted by TD Securities from $43.00 to $48.00 in a research note released on Friday, MarketBeat.com reports. The brokerage currently has a hold rating on the basic materials company’s stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Newmont in a research note on Thursday, February 29th. They set a buy rating and a $38.00 target price on the stock. Scotiabank lowered their price target on shares of Newmont from $50.00 to $43.50 and set a sector perform rating on the stock in a report on Wednesday, February 28th. BMO Capital Markets lowered their price target on shares of Newmont from $57.00 to $56.00 and set an outperform rating on the stock in a report on Thursday, February 15th. Citigroup lowered their price target on shares of Newmont from $60.00 to $45.00 and set a buy rating on the stock in a report on Thursday, April 4th. Finally, Royal Bank of Canada lowered their price target on shares of Newmont from $45.00 to $40.00 and set a sector perform rating on the stock in a report on Thursday, February 8th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $51.75.

Newmont Price Performance

Shares of NYSE:NEM opened at $42.73 on Friday. The company’s fifty day moving average is $35.54 and its two-hundred day moving average is $36.95. The company has a quick ratio of 0.98, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. Newmont has a 12-month low of $29.42 and a 12-month high of $50.18. The company has a market cap of $49.26 billion, a P/E ratio of -16.00, a price-to-earnings-growth ratio of 1.11 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $3.66 billion. During the same period in the previous year, the business earned $0.40 EPS. The company’s revenue was up 50.2% on a year-over-year basis. Equities analysts expect that Newmont will post 2.16 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio is presently -37.45%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Hourglass Capital LLC lifted its position in Newmont by 28.9% during the 1st quarter. Hourglass Capital LLC now owns 288,193 shares of the basic materials company’s stock worth $10,329,000 after acquiring an additional 64,610 shares during the last quarter. Signature Wealth Management Partners LLC acquired a new position in Newmont during the 1st quarter worth $267,000. K.J. Harrison & Partners Inc acquired a new position in Newmont during the 1st quarter worth $284,000. Sage Rhino Capital LLC lifted its position in Newmont by 77.4% during the 1st quarter. Sage Rhino Capital LLC now owns 16,931 shares of the basic materials company’s stock worth $607,000 after acquiring an additional 7,386 shares during the last quarter. Finally, First Personal Financial Services lifted its position in Newmont by 3.0% during the 1st quarter. First Personal Financial Services now owns 46,774 shares of the basic materials company’s stock worth $1,676,000 after acquiring an additional 1,354 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.