Newmont (NYSE:NEM) Given New $54.00 Price Target at BMO Capital Markets

Newmont (NYSE:NEM) had its target price decreased by BMO Capital Markets from $56.00 to $54.00 in a report released on Thursday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the basic materials company’s stock.

A number of other research analysts have also issued reports on the company. TD Securities boosted their price objective on Newmont from $43.00 to $48.00 and gave the company a hold rating in a research report on Friday, April 26th. Scotiabank reduced their price objective on Newmont from $50.00 to $43.50 and set a sector perform rating for the company in a research report on Wednesday, February 28th. Jefferies Financial Group started coverage on Newmont in a research note on Thursday, February 29th. They set a buy rating and a $38.00 target price on the stock. Argus downgraded Newmont from a buy rating to a hold rating in a research note on Monday, February 26th. Finally, Royal Bank of Canada cut their target price on Newmont from $45.00 to $40.00 and set a sector perform rating on the stock in a research note on Thursday, February 8th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $48.35.

Newmont Stock Performance

Shares of NEM traded up $0.64 during mid-day trading on Thursday, hitting $41.30. The stock had a trading volume of 3,593,979 shares, compared to its average volume of 13,508,853. The company’s fifty day simple moving average is $36.40 and its two-hundred day simple moving average is $36.97. 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 fifty-two week low of $29.42 and a fifty-two week high of $49.08.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s revenue was up 50.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. As a group, sell-side analysts predict that Newmont will post 2.32 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mizuho Securities Co. Ltd. purchased a new position in Newmont in the third quarter valued at about $26,000. Life Planning Partners Inc acquired a new stake in shares of Newmont in the fourth quarter worth about $26,000. Manchester Capital Management LLC lifted its position in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after buying an additional 397 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Newmont in the third quarter worth about $30,000. Finally, CVA Family Office LLC acquired a new stake in shares of Newmont in the fourth quarter worth about $34,000. 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.