Macquarie Begins Coverage on Newmont Goldcorp (NYSE:NEM)
Macquarie assumed coverage on shares of Newmont Goldcorp (NYSE:NEM) in a research report report published on Thursday morning, The Fly reports. The brokerage issued a neutral rating on the basic materials company’s stock.
NEM has been the topic of several other reports. B. Riley upped their price target on Newmont Goldcorp from $35.10 to $45.40 and gave the stock a neutral rating in a research note on Monday. BMO Capital Markets raised Newmont Goldcorp from a market perform rating to an outperform rating and upped their price target for the stock from $45.00 to $50.00 in a research note on Wednesday. Citigroup upped their price target on Newmont Goldcorp from $44.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday. Deutsche Bank set a $41.00 price target on Newmont Goldcorp and gave the stock a hold rating in a research note on Thursday, July 11th. Finally, TheStreet raised Newmont Goldcorp from a c+ rating to a b- rating in a research note on Friday, July 5th. 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. The company currently has an average rating of Buy and an average target price of $43.56.
Shares of NEM traded up $0.14 during mid-day trading on Thursday, hitting $38.80. 271,210 shares of the company’s stock traded hands, compared to its average volume of 6,997,110. The company has a quick ratio of 1.38, a current ratio of 1.83 and a debt-to-equity ratio of 0.30. Newmont Goldcorp has a 1 year low of $29.06 and a 1 year high of $41.23. The firm has a market capitalization of $31.29 billion, a P/E ratio of 28.64 and a beta of -0.03. The business’s 50-day moving average price is $38.69 and its 200-day moving average price is $35.73.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Wednesday, September 11th. Newmont Goldcorp’s dividend payout ratio (DPR) is 41.48%.
In other Newmont Goldcorp news, President Thomas Ronald Palmer sold 16,000 shares of the business’s stock in a transaction 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 sale, the president now directly owns 256,823 shares of the company’s stock, valued at $9,217,377.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO John Kitlen sold 750 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.32, for a total value of $29,490.00. Following the completion of the sale, 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 sold 88,915 shares of company stock worth $3,413,745 over the last three months. Corporate insiders own 0.44% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of Newmont Goldcorp by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 8,229,613 shares of the basic materials company’s stock valued at $284,738,000 after purchasing an additional 60,289 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Newmont Goldcorp by 28.4% during the first quarter. Janney Montgomery Scott LLC now owns 14,895 shares of the basic materials company’s stock valued at $533,000 after purchasing an additional 3,291 shares in the last quarter. Comerica Bank lifted its holdings in shares of Newmont Goldcorp by 0.6% during the first quarter. Comerica Bank now owns 102,969 shares of the basic materials company’s stock valued at $3,735,000 after purchasing an additional 652 shares in the last quarter. Boston Partners lifted its holdings in shares of Newmont Goldcorp by 5.3% during the first quarter. Boston Partners now owns 59,812 shares of the basic materials company’s stock valued at $2,139,000 after purchasing an additional 2,996 shares in the last quarter. Finally, Stephens Inc. AR bought a new position in shares of Newmont Goldcorp during the first quarter valued at $206,000. 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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