Scotiabank Boosts Newmont (NYSE:NEM) Price Target to $48.00

Newmont (NYSE:NEM) had its price objective upped by Scotiabank from $46.50 to $48.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a sector perform rating on the basic materials company’s stock.

Several other brokerages have also recently issued reports on NEM. Royal Bank of Canada dropped their price objective on shares of Newmont from $45.00 to $40.00 and set a sector perform rating for the company in a research note on Thursday, February 8th. Sanford C. Bernstein dropped their price objective on shares of Newmont from $46.00 to $45.00 and set a market perform rating for the company in a research note on Thursday, May 16th. 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. Argus cut shares of Newmont from a buy rating to a hold rating in a research note on Monday, February 26th. Finally, National Bank Financial cut shares of Newmont from an outperform overweight rating to a sector perform overweight rating in a research note on Tuesday, April 30th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $48.36.

Newmont Stock Up 1.8 %

NEM stock opened at $41.98 on Thursday. The stock has a market capitalization of $48.41 billion, a P/E ratio of -15.72, a P/E/G ratio of 0.34 and a beta of 0.48. The firm has a 50-day simple moving average of $39.31 and a 200-day simple moving average of $37.45. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. Newmont has a 52 week low of $29.42 and a 52 week high of $45.92.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company’s quarterly revenue was up 50.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.40 earnings per share. Equities analysts forecast that Newmont will post 2.37 earnings per share for the current fiscal year.

Newmont Announces Dividend

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 issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Newmont’s dividend payout ratio is currently -37.45%.

Hedge Funds Weigh In On Newmont

Several large investors have recently made changes to their positions in NEM. Vanguard Group Inc. lifted its holdings in shares of Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after acquiring an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Newmont by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after buying an additional 18,664,614 shares in the last quarter. Norges Bank acquired a new stake in Newmont during the 4th quarter worth approximately $604,516,000. Charles Schwab Investment Management Inc. lifted its holdings in Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after buying an additional 7,635,657 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after buying an additional 6,617,145 shares in the last quarter. 68.85% of the stock is currently 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.