Sanford C. Bernstein Trims Newmont (NYSE:NEM) Target Price to $45.00

Newmont (NYSE:NEMFree Report) had its price target decreased by Sanford C. Bernstein from $46.00 to $45.00 in a research report report published on Thursday, Benzinga reports. Sanford C. Bernstein currently has a market perform rating on the basic materials company’s stock.

Other equities research analysts have also recently issued research reports about the stock. National Bank Financial cut shares of Newmont from an outperform overweight rating to a sector perform overweight rating in a research note on Tuesday, April 30th. Argus lowered shares of Newmont from a buy rating to a hold rating in a report on Monday, February 26th. Jefferies Financial Group initiated 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. TD Securities increased their price objective on shares of Newmont from $43.00 to $48.00 and gave the company a hold rating in a report on Friday, April 26th. Finally, Royal Bank of Canada cut their price objective on shares of Newmont from $45.00 to $40.00 and set a sector perform rating for the company in a report on Thursday, February 8th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Newmont presently has a consensus rating of Hold and a consensus target price of $48.11.

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Newmont Stock Performance

NYSE NEM opened at $43.74 on Thursday. Newmont has a 12 month low of $29.42 and a 12 month high of $45.92. The company’s 50 day moving average is $38.46 and its two-hundred day moving average is $37.27. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEMGet Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter last year, the business earned $0.40 EPS. The firm’s revenue was up 50.2% compared to the same quarter last year. As a group, equities research analysts expect that Newmont will post 2.37 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NEM. Vanguard Group Inc. boosted its stake in Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after buying an additional 36,170,995 shares during the period. Van ECK Associates Corp boosted its stake in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after buying an additional 18,664,614 shares during the period. Norges Bank purchased a new position in Newmont during the fourth quarter worth $604,516,000. Charles Schwab Investment Management Inc. boosted its stake in Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after buying an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after buying an additional 6,617,145 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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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.

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Analyst Recommendations for Newmont (NYSE:NEM)

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