Newmont Co. (NYSE:NEM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Newmont Co. (NYSE:NEM) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $51.99.

NEM has been the topic of several research reports. Jefferies Financial Group initiated coverage on Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price target on the stock. Royal Bank of Canada dropped their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. Scotiabank dropped their price target on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. StockNews.com downgraded shares of Newmont from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Finally, Argus downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th.

Newmont Stock Performance

Shares of NYSE NEM opened at $38.12 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $34.49 and a 200-day simple moving average of $36.78. The company has a market cap of $43.94 billion, a PE ratio of -16.01, a P/E/G ratio of 1.06 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 released its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The firm had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter last year, the company earned $0.44 earnings per share. On average, equities research analysts forecast that Newmont will post 1.97 EPS for the current year.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Monday, March 4th. Newmont’s dividend payout ratio is presently -42.02%.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the business. AMF Tjanstepension AB increased its position in Newmont by 7.9% during the first quarter. AMF Tjanstepension AB now owns 473,322 shares of the basic materials company’s stock worth $16,982,000 after buying an additional 34,634 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in Newmont during the first quarter worth $234,000. Buckley Wealth Management LLC increased its position in Newmont by 2.8% during the first quarter. Buckley Wealth Management LLC now owns 63,715 shares of the basic materials company’s stock worth $2,284,000 after buying an additional 1,750 shares during the last quarter. 180 Wealth Advisors LLC acquired a new position in Newmont during the first quarter worth $207,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Newmont by 13.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 139,631 shares of the basic materials company’s stock worth $5,004,000 after buying an additional 16,902 shares during the last quarter. 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.