Newmont (NYSE:NEM) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Newmont (NYSE:NEM) from a sell rating to a hold rating in a report released on Friday morning.

Other equities analysts also recently issued reports about the company. National Bank Financial reiterated an outperform overweight rating on shares of Newmont in a research report on Monday, April 8th. Royal Bank of Canada cut their target price on Newmont from $45.00 to $40.00 and set a sector perform rating for the company in a research report on Thursday, February 8th. Argus downgraded Newmont from a buy rating to a hold rating in a research report on Monday, February 26th. 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. Finally, TD Securities increased their price objective on Newmont from $43.00 to $48.00 and gave the company a hold rating in a research report on Friday. Seven 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.com, Newmont has a consensus rating of Moderate Buy and an average price target of $51.75.

Newmont Stock Performance

Shares of NYSE NEM opened at $42.73 on Friday. The company has a current ratio of 2.15, a quick ratio of 0.98 and a debt-to-equity ratio of 0.32. The stock has a 50 day simple moving average of $35.54 and a 200-day simple moving average of $36.95. The company has a market cap of $49.26 billion, a PE ratio of -16.00, a P/E/G ratio of 1.11 and a beta of 0.50. Newmont has a 12-month low of $29.42 and a 12-month high of $50.18.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.20. The business 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%. The business’s revenue was up 50.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. On average, equities research analysts forecast that Newmont will post 2.16 EPS for the current year.

Newmont Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is 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 the stock. Hourglass Capital LLC increased its stake in shares of Newmont by 28.9% in the first 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 shares of Newmont in the first quarter worth $267,000. K.J. Harrison & Partners Inc acquired a new position in shares of Newmont in the first quarter worth $284,000. Sage Rhino Capital LLC increased its stake in shares of Newmont by 77.4% in the first 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 increased its position in Newmont by 3.0% during the first quarter. First Personal Financial Services now owns 46,774 shares of the basic materials company’s stock worth $1,676,000 after buying an additional 1,354 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.