Newmont (NYSE:NEM) PT Lowered to $45.00

Newmont (NYSE:NEM - Free Report) had its price objective reduced by Sanford C. Bernstein from $46.00 to $45.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a market perform rating on the basic materials company's stock.

A number of other equities analysts have also recently weighed in on the stock. Scotiabank decreased their price objective on shares of Newmont from $50.00 to $43.50 and set a sector perform rating for the company in a research report on Wednesday, February 28th. BMO Capital Markets decreased their price target on shares of Newmont from $56.00 to $54.00 and set an outperform rating for the company in a research report on Thursday, May 2nd. Citigroup cut their price target on shares of Newmont from $60.00 to $45.00 and set a buy rating on the stock in a report on Thursday, April 4th. Jefferies Financial Group assumed coverage on shares of Newmont in a report on Thursday, February 29th. They set a buy rating and a $38.00 price objective for the company. Finally, National Bank Financial lowered shares of Newmont from an outperform overweight rating to a sector perform overweight rating in a research note on Tuesday, April 30th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $48.11.

Newmont Stock Down 0.8 %

NYSE:NEM traded down $0.36 during mid-day trading on Thursday, hitting $42.83. The company had a trading volume of 7,708,282 shares, compared to its average volume of 13,070,313. Newmont has a 1 year low of $29.42 and a 1 year high of $45.92. The business has a fifty day simple moving average of $38.09 and a 200-day simple moving average of $37.20. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $49.39 billion, a price-to-earnings ratio of -16.04, a PEG ratio of 0.98 and a beta of 0.48.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.20. The firm had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. Newmont's quarterly revenue was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 EPS. Equities analysts forecast that Newmont will post 2.4 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.33%. Newmont's payout ratio is currently -37.45%.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Life Planning Partners Inc bought a new stake in Newmont during the 4th quarter valued at $26,000. Manchester Capital Management LLC grew its position in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company's stock valued at $26,000 after buying an additional 397 shares in the last quarter. OFI Invest Asset Management acquired a new position in Newmont during the 3rd quarter valued at about $30,000. CVA Family Office LLC bought a new stake in shares of Newmont during the 4th quarter worth about $34,000. Finally, Heritage Wealth Advisors lifted its stake in shares of Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company's stock worth $34,000 after acquiring an additional 878 shares during the period. 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.