B. Riley upgraded shares of Newmont Goldcorp (NYSE:NEM) from a neutral rating to a buy rating in a research note published on Monday morning, BenzingaRatingsTable reports. They currently have $48.00 price objective on the basic materials company’s stock, up from their previous price objective 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.
A number of other equities analysts have also weighed in on the stock. TheStreet raised shares of Newmont Goldcorp from a c+ rating to a b rating in a research report on Tuesday, November 5th. Barclays set a $45.00 target price on shares of Newmont Goldcorp and gave the company a buy rating in a report on Tuesday, October 15th. National Bank Financial restated an outperform market weight rating on shares of Newmont Goldcorp in a report on Wednesday, October 23rd. Eight Capital started coverage on shares of Newmont Goldcorp in a report on Monday, December 16th. They issued a hold rating for the company. Finally, BMO Capital Markets lowered their target price on shares of Newmont Goldcorp from $50.00 to $47.00 and set an outperform rating for the company 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. Newmont Goldcorp has an average rating of Buy and a consensus price target of $44.36.
NYSE:NEM opened at $43.52 on Monday. The firm has a 50 day simple moving average of $41.31 and a 200-day simple moving average of $39.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.18 and a quick ratio of 1.76. 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 1-year low of $29.77 and a 1-year high of $44.08.
Newmont Goldcorp (NYSE:NEM) last posted its quarterly earnings data on Tuesday, November 5th. The basic materials company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The firm had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.83 billion. Newmont Goldcorp had a net margin of 25.42% and a return on equity of 4.71%. The business’s quarterly revenue was up 57.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 EPS. As a group, sell-side analysts expect that Newmont Goldcorp will post 1.31 earnings per share for the current fiscal year.
Newmont Goldcorp announced that its board has initiated a stock repurchase program on Monday, December 2nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the basic materials company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Thursday, December 5th were issued a $0.14 dividend. The ex-dividend date was Wednesday, December 4th. This represents a $0.56 dividend on an annualized basis and a yield of 1.29%. Newmont Goldcorp’s payout ratio is 41.48%.
In other Newmont Goldcorp news, CEO Thomas Ronald Palmer sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $39.68, for a total transaction of $158,720.00. Following the completion of the sale, the chief executive officer now directly owns 246,073 shares in the company, valued at $9,764,176.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Nancy Buese sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $37.83, for a total transaction of $283,725.00. Following the sale, the chief financial officer now owns 44,944 shares of the company’s stock, valued at $1,700,231.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,500 shares of company stock valued at $1,469,110. 0.44% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Vanguard Group Inc. grew its stake in Newmont Goldcorp by 52.2% during the second quarter. Vanguard Group Inc. now owns 89,715,566 shares of the basic materials company’s stock worth $3,451,358,000 after buying an additional 30,786,889 shares during the period. BlackRock Inc. grew its stake in Newmont Goldcorp by 27.8% during the second quarter. BlackRock Inc. now owns 109,649,438 shares of the basic materials company’s stock worth $4,218,213,000 after buying an additional 23,820,369 shares during the period. Nuveen Asset Management LLC grew its stake in Newmont Goldcorp by 63,100.2% during the second quarter. Nuveen Asset Management LLC now owns 8,032,118 shares of the basic materials company’s stock worth $308,996,000 after buying an additional 8,019,409 shares during the period. California Public Employees Retirement System grew its stake in Newmont Goldcorp by 84.0% during the second quarter. California Public Employees Retirement System now owns 6,336,884 shares of the basic materials company’s stock worth $243,780,000 after buying an additional 2,893,799 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Newmont Goldcorp by 13.2% during the second 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 buying an additional 1,380,005 shares during the period. Institutional investors own 81.12% of the company’s stock.
Newmont Goldcorp Company Profile
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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