National Bank Financial Reiterates “Outperform Overweight” Rating for Newmont (NYSE:NEM)

National Bank Financial restated their outperform overweight rating on shares of Newmont (NYSE:NEM) in a research report released on Monday, Zacks.com reports.

NEM has been the topic of several other research reports. StockNews.com cut shares of Newmont from a hold rating to a sell rating in a research report on Monday, February 26th. UBS Group reduced their price objective on shares of Newmont from $42.00 to $40.00 and set a neutral rating on the stock in a research report on Wednesday, December 13th. BMO Capital Markets reduced their price objective on shares of Newmont from $57.00 to $56.00 and set an outperform rating on the stock in a research report on Thursday, February 15th. Royal Bank of Canada reduced their price objective on shares of Newmont from $45.00 to $40.00 and set a sector perform rating on the stock in a research report on Thursday, February 8th. Finally, Argus cut shares of Newmont from a buy rating to a hold rating in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $51.97.

Newmont Price Performance

Shares of NYSE:NEM opened at $39.08 on Monday. 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 has a 1-year low of $29.42 and a 1-year high of $51.46. The company has a market capitalization of $45.05 billion, a P/E ratio of -16.42, a P/E/G ratio of 1.05 and a beta of 0.50. The firm’s 50 day simple moving average is $34.22 and its two-hundred day simple moving average is $36.80.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01). The company had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 EPS. Research analysts expect that Newmont will post 2.01 EPS for the current fiscal year.

Newmont Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Monday, March 4th. Newmont’s dividend payout ratio (DPR) is -42.02%.

Institutional Trading of Newmont

A number of large investors have recently made changes to their positions in the stock. Crestmont Private Wealth LLC boosted its stake in shares of Newmont by 4.9% during the first quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 319 shares during the period. International Assets Investment Management LLC lifted its stake in Newmont by 4.7% in the first quarter. International Assets Investment Management LLC now owns 15,474 shares of the basic materials company’s stock worth $564,000 after acquiring an additional 688 shares during the period. City State Bank grew its holdings in Newmont by 1,176.5% during the 1st quarter. City State Bank now owns 2,170 shares of the basic materials company’s stock worth $78,000 after acquiring an additional 2,000 shares in the last quarter. Foundation Resource Management Inc. grew its holdings in Newmont by 4.0% during the 1st quarter. Foundation Resource Management Inc. now owns 709,449 shares of the basic materials company’s stock worth $25,427,000 after acquiring an additional 27,392 shares in the last quarter. Finally, Gulf International Bank UK Ltd grew its holdings in Newmont by 0.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 98,992 shares of the basic materials company’s stock worth $3,547,000 after acquiring an additional 338 shares in the last quarter. 68.85% of the stock is 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.