TD Securities Cuts Newmont (NYSE:NEM) Price Target to $118.00

Newmont (NYSE:NEM) had its price target decreased by TD Securities from $120.00 to $118.00 in a research note published on Tuesday morning,BayStreet.CA reports. TD Securities currently has a hold rating on the basic materials company’s stock.

A number of other brokerages have also recently commented on NEM. Raymond James Financial raised their price objective on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Stifel Nicolaus boosted their price target on shares of Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Wall Street Zen lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Jefferies Financial Group raised their target price on Newmont from $136.00 to $158.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Sanford C. Bernstein upgraded Newmont from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $133.68.

Newmont Stock Down 2.7%

Shares of NYSE NEM opened at $116.14 on Tuesday. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. The firm has a market cap of $126.35 billion, a PE ratio of 18.18, a P/E/G ratio of 0.96 and a beta of 0.39. The company’s fifty day simple moving average is $117.04 and its 200 day simple moving average is $96.41. Newmont has a 12-month low of $42.03 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.40 earnings per share. As a group, sell-side analysts forecast that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 3rd. This is an increase from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 16.28%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. Vanguard Group Inc. raised its stake in Newmont by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after acquiring an additional 637,996 shares during the period. State Street Corp raised its position in shares of Newmont by 1.0% in the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after buying an additional 480,223 shares in the last quarter. Van ECK Associates Corp boosted its stake in Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after buying an additional 5,643,496 shares during the period. Geode Capital Management LLC boosted its position in shares of Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after acquiring an additional 946,824 shares during the last quarter. Finally, Norges Bank purchased a new position in Newmont in the 2nd quarter worth approximately $919,170,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.