Newmont (NYSE:NEM) Shares Gap Down to $39.02

Newmont Co. (NYSE:NEM) shares gapped down before the market opened on Monday . The stock had previously closed at $39.02, but opened at $37.65. Newmont shares last traded at $38.16, with a volume of 3,604,413 shares trading hands.

Analyst Ratings Changes

NEM has been the topic of several research reports. StockNews.com lowered Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Citigroup decreased their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Royal Bank of Canada decreased their price objective on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. Finally, BMO Capital Markets cut their target price on Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.89.

Newmont Stock Performance

The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average price is $35.01 and its 200-day moving average price is $36.86. The company has a market cap of $43.47 billion, a P/E ratio of -15.84, a P/E/G ratio of 1.01 and a beta of 0.50.

Newmont (NYSE:NEM) last issued its quarterly earnings results 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). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The firm had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The company’s revenue was up 23.7% on a year-over-year basis. As a group, research analysts forecast that Newmont Co. will post 1.98 EPS for the current fiscal year.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were given a $0.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.65%. Newmont’s dividend payout ratio (DPR) is currently -42.02%.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of NEM. Vanguard Group Inc. boosted its holdings in Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after purchasing an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp grew its position in Newmont by 57.2% in the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after acquiring an additional 18,664,614 shares during the period. Norges Bank acquired a new position in Newmont during the fourth quarter worth $604,516,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of Newmont by 29.9% during the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock worth $983,267,000 after purchasing an additional 5,475,155 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

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.