Newmont (NYSE:NEM) Shares Gap Down to $39.02

Newmont Co. (NYSE:NEM) gapped down before the market opened on Monday . The stock had previously closed at $39.02, but opened at $37.65. Newmont shares last traded at $38.16, with a volume of 3,604,413 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NEM shares. Scotiabank decreased their target price on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. TD Securities cut their target price on Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, February 23rd. Royal Bank of Canada lowered their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 8th. StockNews.com downgraded Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $50.89.

Newmont Trading Up 0.7 %

The business’s 50-day moving average price is $35.01 and its 200 day moving average price is $36.86. The firm has a market capitalization of $43.47 billion, a price-to-earnings ratio of -15.84, a PEG ratio of 1.01 and a beta of 0.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The firm had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. On average, equities analysts forecast that Newmont Co. will post 1.98 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. Newmont’s dividend payout ratio (DPR) is presently -42.02%.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently made changes to their positions in the business. AE Wealth Management LLC grew its holdings in Newmont by 2.5% during the 3rd quarter. AE Wealth Management LLC now owns 30,989 shares of the basic materials company’s stock worth $1,145,000 after acquiring an additional 767 shares in the last quarter. HB Wealth Management LLC grew its stake in Newmont by 7.2% in the third quarter. HB Wealth Management LLC now owns 10,877 shares of the basic materials company’s stock worth $402,000 after purchasing an additional 729 shares in the last quarter. Meridian Wealth Management LLC increased its holdings in Newmont by 81.8% in the third quarter. Meridian Wealth Management LLC now owns 18,084 shares of the basic materials company’s stock valued at $668,000 after buying an additional 8,139 shares during the last quarter. LGT Capital Partners LTD. lifted its holdings in Newmont by 2.2% during the 3rd quarter. LGT Capital Partners LTD. now owns 816,500 shares of the basic materials company’s stock worth $30,170,000 after buying an additional 17,710 shares during the last quarter. Finally, Marion Wealth Management increased its holdings in shares of Newmont by 10.6% in the 3rd quarter. Marion Wealth Management now owns 17,449 shares of the basic materials company’s stock valued at $645,000 after acquiring an additional 1,666 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.