B. Riley upgraded shares of Newmont Goldcorp (NYSE:NEM) from a neutral rating to a buy rating in a research note issued to investors on Monday, BenzingaRatingsTable reports. The firm currently has $48.00 price target on the basic materials company’s stock, up from their prior price target of $42.00. B. Riley also issued estimates for Newmont Goldcorp’s FY2020 earnings at $2.26 EPS and FY2021 earnings at $3.30 EPS.
NEM has been the topic of a number of other reports. National Bank Financial restated an outperform market weight rating on shares of Newmont Goldcorp in a report on Wednesday, October 23rd. Raymond James set a $48.00 price objective on shares of Newmont Goldcorp and gave the company an outperform rating in a report on Wednesday, December 18th. Eight Capital assumed coverage on shares of Newmont Goldcorp in a report on Monday, December 16th. They issued a hold rating on the stock. TheStreet upgraded shares of Newmont Goldcorp from a c+ rating to a b rating in a report on Tuesday, November 5th. Finally, BMO Capital Markets reduced their price objective on shares of Newmont Goldcorp from $50.00 to $47.00 and set an outperform rating on the stock in a report on Tuesday, December 3rd. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $44.36.
Newmont Goldcorp stock opened at $43.52 on Monday. The firm has a market cap of $35.11 billion, a PE ratio of 32.24 and a beta of -0.02. Newmont Goldcorp has a 52-week low of $29.77 and a 52-week high of $44.08. The company has a quick ratio of 1.76, a current ratio of 2.18 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $41.31 and its two-hundred day moving average is $39.27.
Newmont Goldcorp (NYSE:NEM) last announced its quarterly earnings data on Tuesday, November 5th. The basic materials company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.03). Newmont Goldcorp had a net margin of 25.42% and a return on equity of 4.71%. The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.83 billion. During the same quarter in the previous year, the business posted $0.33 earnings per share. Newmont Goldcorp’s revenue for the quarter was up 57.2% compared to the same quarter last year. On average, equities research analysts anticipate that Newmont Goldcorp will post 1.31 earnings per share for the current fiscal year.
Newmont Goldcorp announced that its Board of Directors has approved a stock buyback program on Monday, December 2nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Thursday, December 5th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, December 4th. This represents a $0.56 annualized dividend and a yield of 1.29%. Newmont Goldcorp’s dividend payout ratio is currently 41.48%.
In related news, EVP Dean Gehring sold 3,500 shares of Newmont Goldcorp stock in a transaction on Monday, January 6th. The shares were sold at an average price of $43.78, for a total transaction of $153,230.00. Following the sale, the executive vice president now directly owns 21,310 shares in the company, valued at approximately $932,951.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO John Kitlen sold 750 shares of Newmont Goldcorp stock in a transaction on Monday, November 11th. The stock was sold at an average price of $36.51, for a total transaction of $27,382.50. Following the sale, the chief accounting officer now owns 40,423 shares in the company, valued at $1,475,843.73. The disclosure for this sale can be found here. Insiders have sold a total of 36,500 shares of company stock worth $1,469,110 over the last quarter. 0.44% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Reitz Capital Advisors LLC grew its position in Newmont Goldcorp by 6.8% during the 3rd quarter. Reitz Capital Advisors LLC now owns 13,745 shares of the basic materials company’s stock worth $521,000 after purchasing an additional 870 shares during the last quarter. Compagnie Lombard Odier SCmA grew its position in Newmont Goldcorp by 7.8% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 107,140 shares of the basic materials company’s stock worth $4,122,000 after purchasing an additional 7,769 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in Newmont Goldcorp by 2.9% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 112,775 shares of the basic materials company’s stock worth $4,277,000 after purchasing an additional 3,180 shares during the last quarter. Boston Partners grew its position in Newmont Goldcorp by 1,167.1% during the 3rd quarter. Boston Partners now owns 1,000,711 shares of the basic materials company’s stock worth $37,947,000 after purchasing an additional 921,736 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Newmont Goldcorp by 13.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,868,501 shares of the basic materials company’s stock worth $456,581,000 after purchasing an additional 1,380,005 shares during the last quarter. Hedge funds and other institutional investors own 81.12% of the company’s stock.
About Newmont Goldcorp
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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