UBS Group Upgrades Newmont (NYSE:NEM) to Buy

UBS Group upgraded shares of Newmont (NYSE:NEMFree Report) from a neutral rating to a buy rating in a research note released on Monday morning, Marketbeat reports. The firm currently has $50.00 price objective on the basic materials company’s stock, up from their prior price objective of $40.00.

A number of other brokerages also recently weighed in on NEM. Sanford C. Bernstein lowered their price target on Newmont from $46.00 to $45.00 and set a market perform rating for the company in a report on Thursday, May 16th. Argus lowered Newmont from a buy rating to a hold rating in a research note on Monday, February 26th. TD Securities boosted their price objective on Newmont from $43.00 to $48.00 and gave the stock a hold rating in a research note on Friday, April 26th. BMO Capital Markets dropped their target price on shares of Newmont from $54.00 to $53.00 and set an outperform rating on the stock in a report on Tuesday, May 21st. Finally, Jefferies Financial Group began coverage on Newmont in a research report on Thursday, February 29th. They set a buy rating and a $38.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Newmont has a consensus rating of Moderate Buy and an average target price of $49.07.

View Our Latest Report on Newmont

Newmont Price Performance

NYSE:NEM opened at $42.81 on Monday. The firm has a market cap of $49.37 billion, a price-to-earnings ratio of -16.03, a price-to-earnings-growth ratio of 0.36 and a beta of 0.52. Newmont has a 12-month low of $29.42 and a 12-month high of $45.92. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average is $41.26 and its two-hundred day moving average is $38.01.

Newmont (NYSE:NEMGet Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company’s quarterly revenue was up 50.2% on a year-over-year basis. During the same period last year, the company earned $0.40 earnings per share. Research analysts expect that Newmont will post 2.42 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Tuesday, June 4th. Newmont’s dividend payout ratio is -37.45%.

Institutional Investors Weigh In On Newmont

Hedge funds have recently modified their holdings of the business. LRI Investments LLC bought a new stake in Newmont in the first quarter valued at $25,000. Life Planning Partners Inc acquired a new stake in Newmont in the 4th quarter valued at about $26,000. Manchester Capital Management LLC raised its stake in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of Newmont during the fourth quarter worth approximately $34,000. Finally, Heritage Wealth Advisors boosted its position in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

About Newmont

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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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