Newmont Goldcorp (NYSE:NEM) Price Target Raised to $46.00

Newmont Goldcorp (NYSE:NEM) had its target price upped by Citigroup from $44.00 to $46.00 in a research note published on Wednesday, BenzingaRatingsTable reports. They currently have a buy rating on the basic materials company’s stock.

Several other research analysts have also commented on the stock. B. Riley boosted their price objective on shares of Newmont Goldcorp from $35.10 to $45.40 and gave the stock a neutral rating in a research note on Monday, September 9th. TD Securities reduced their price objective on shares of Newmont Goldcorp from $52.00 to $50.00 and set an action list buy rating for the company in a research note on Monday, August 19th. BMO Capital Markets upgraded shares of Newmont Goldcorp from a market perform rating to an outperform rating and boosted their price objective for the stock from $45.00 to $50.00 in a research note on Wednesday. Royal Bank of Canada upgraded shares of Newmont Goldcorp from an underperform rating to a sector perform rating and set a $45.00 price objective for the company in a research note on Monday, September 9th. Finally, Deutsche Bank set a $41.00 price objective on shares of Newmont Goldcorp and gave the stock a hold rating in a research note on Thursday, July 11th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Newmont Goldcorp presently has a consensus rating of Buy and an average target price of $43.56.

NYSE NEM opened at $38.62 on Wednesday. The company has a quick ratio of 1.38, a current ratio of 1.83 and a debt-to-equity ratio of 0.30. The firm has a market cap of $31.75 billion, a PE ratio of 28.61 and a beta of -0.03. The company has a 50 day moving average price of $38.67 and a 200 day moving average price of $35.74. Newmont Goldcorp has a 52 week low of $29.06 and a 52 week high of $41.23.

Newmont Goldcorp (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.11). The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.29 billion. Newmont Goldcorp had a positive return on equity of 4.79% and a negative net margin of 1.03%. The company’s revenue was up 35.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 EPS. On average, equities research analysts anticipate that Newmont Goldcorp will post 1.47 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.45%. Newmont Goldcorp’s payout ratio is currently 41.48%.

In other Newmont Goldcorp news, EVP Dean Gehring sold 3,500 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.32, for a total transaction of $137,620.00. Following the transaction, the executive vice president now directly owns 24,810 shares of the company’s stock, valued at $975,529.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO John Kitlen sold 750 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.32, for a total transaction of $29,490.00. Following the transaction, the chief accounting officer now directly owns 41,923 shares in the company, valued at $1,648,412.36. The disclosure for this sale can be found here. Insiders have sold 92,415 shares of company stock worth $3,548,425 over the last three months. 0.44% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Vanguard Group Inc. lifted its holdings 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 valued at $3,451,358,000 after purchasing an additional 30,786,889 shares in the last quarter. BlackRock Inc. raised its position in shares of Newmont Goldcorp by 27.8% in the second quarter. BlackRock Inc. now owns 109,649,438 shares of the basic materials company’s stock valued at $4,218,213,000 after buying an additional 23,820,369 shares during the last quarter. Van ECK Associates Corp increased its position in Newmont Goldcorp by 33.0% during the second quarter. Van ECK Associates Corp now owns 37,040,057 shares of the basic materials company’s stock worth $1,424,931,000 after purchasing an additional 9,198,168 shares during the last quarter. Nuveen Asset Management LLC increased its position 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 purchasing an additional 8,019,409 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Newmont Goldcorp by 32.7% during the second quarter. Bank of New York Mellon Corp now owns 13,512,764 shares of the basic materials company’s stock worth $519,836,000 after purchasing an additional 3,328,151 shares during the last quarter. 80.40% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Newmont Goldcorp (NYSE:NEM)

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