Newmont Goldcorp Corp (NYSE:NEM) – Analysts at B. Riley cut their FY2019 earnings estimates for Newmont Goldcorp in a note issued to investors on Monday, October 21st. B. Riley analyst A. Graf now expects that the basic materials company will post earnings of $1.43 per share for the year, down from their previous forecast of $1.71. B. Riley currently has a “Neutral” rating and a $41.30 price objective on the stock.
Other equities research analysts have also recently issued research reports about the stock. Raymond James set a $47.00 price objective on shares of Newmont Goldcorp and gave the company an “outperform” rating in a research report on Monday, September 23rd. 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 on the stock in a research report on Monday, September 9th. Macquarie assumed coverage on shares of Newmont Goldcorp in a research report on Thursday, September 12th. They set a “neutral” rating on the stock. TD Securities cut their price objective on shares of Newmont Goldcorp from $52.00 to $50.00 and set an “action list buy” rating on the stock in a research report on Monday, August 19th. Finally, TheStreet cut shares of Newmont Goldcorp from a “b-” rating to a “c+” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $45.66.
Newmont Goldcorp (NYSE:NEM) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.11). Newmont Goldcorp had a negative net margin of 1.03% and a positive return on equity of 4.79%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the business posted $0.26 earnings per share. The firm’s revenue for the quarter was up 35.8% compared to the same quarter last year.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased 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 valued at $4,218,213,000 after acquiring an additional 23,820,369 shares during the period. Vanguard Group Inc. increased its position in shares of Newmont Goldcorp by 52.2% in the 2nd quarter. Vanguard Group Inc. now owns 89,715,566 shares of the basic materials company’s stock valued at $3,451,358,000 after buying an additional 30,786,889 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Newmont Goldcorp by 33.0% in the 2nd quarter. Van ECK Associates Corp now owns 37,040,057 shares of the basic materials company’s stock valued at $1,424,931,000 after buying an additional 9,198,168 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Newmont Goldcorp by 32.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,512,764 shares of the basic materials company’s stock valued at $519,836,000 after buying an additional 3,328,151 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Newmont Goldcorp by 13.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,868,501 shares of the basic materials company’s stock valued at $456,581,000 after buying an additional 1,380,005 shares in the last quarter. Hedge funds and other institutional investors own 80.21% of the company’s stock.
In other Newmont Goldcorp news, VP John Kitlen sold 750 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $37.91, for a total value of $28,432.50. Following the sale, the vice president now owns 42,673 shares in the company, valued at approximately $1,617,733.43. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Thomas Ronald Palmer sold 16,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $35.89, for a total value of $574,240.00. Following the completion of the sale, the president now owns 256,823 shares in the company, valued at approximately $9,217,377.47. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,555 shares of company stock valued at $2,620,824. 0.44% of the stock is owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Thursday, December 5th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.46%. Newmont Goldcorp’s dividend payout ratio (DPR) is presently 41.48%.
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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