Bank of America Boosts Newmont (NYSE:NEM) Price Target to $50.00

Newmont (NYSE:NEM) had its price objective boosted by Bank of America from $49.00 to $50.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Other research analysts also recently issued research reports about the company. National Bank Financial downgraded Newmont from an outperform overweight rating to a sector perform overweight rating in a research note on Tuesday, April 30th. Sanford C. Bernstein decreased their price objective on shares of Newmont from $46.00 to $45.00 and set a market perform rating for the company in a report on Thursday, May 16th. UBS Group upgraded shares of Newmont from a neutral rating to a buy rating and boosted their target price for the company from $40.00 to $50.00 in a research note on Monday, June 17th. Scotiabank raised their price target on shares of Newmont from $46.50 to $48.00 and gave the stock a sector perform rating in a research note on Thursday, May 23rd. Finally, StockNews.com raised shares of Newmont from a sell rating to a hold rating in a report on Friday, April 26th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Newmont presently has a consensus rating of Moderate Buy and a consensus target price of $49.13.

Newmont Stock Up 0.1 %

NEM opened at $41.87 on Wednesday. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $45.92. The firm has a market capitalization of $48.28 billion, a P/E ratio of -15.68, a PEG ratio of 0.35 and a beta of 0.52. The company’s 50-day moving average is $41.67 and its 200 day moving average is $38.11. 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 (NYSE:NEM) last posted 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 firm had revenue of $4.02 billion for 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 EPS. Research analysts expect that Newmont will post 2.48 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Tuesday, June 4th. Newmont’s payout ratio 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 company. State of Alaska Department of Revenue increased its holdings in Newmont by 27.5% during the 4th quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after acquiring an additional 36,645 shares during the period. American International Group Inc. increased its holdings in shares of Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after purchasing an additional 58,217 shares during the period. Principal Financial Group Inc. raised its position in shares of Newmont by 34.1% in the fourth quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after buying an additional 325,320 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Newmont by 13.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock valued at $32,926,000 after buying an additional 94,692 shares during the period. Finally, Premier Fund Managers Ltd purchased a new position in Newmont during the fourth quarter worth about $1,276,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.