Newmont Goldcorp (NYSE:NEM) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Newmont Goldcorp (NYSE:NEM) from an underperform rating to a sector perform rating in a research report report published on Monday morning, BenzingaRatingsTable reports. Royal Bank of Canada currently has $45.00 target price on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Newmont Goldcorp from a buy rating to a hold rating in a research report on Tuesday, May 14th. Barclays reaffirmed a buy rating and issued a $44.00 price target on shares of Newmont Goldcorp in a report on Sunday, August 4th. TheStreet raised shares of Newmont Goldcorp from a c+ rating to a b- rating in a report on Friday, July 5th. Citigroup raised shares of Newmont Goldcorp from a neutral rating to a buy rating and set a $40.00 price target on the stock in a report on Thursday, May 23rd. Finally, TD Securities lowered their price target on shares of Newmont Goldcorp from $52.00 to $50.00 and set an action list buy rating on the stock in a report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Newmont Goldcorp currently has a consensus rating of Buy and an average price target of $43.56.

Newmont Goldcorp stock opened at $38.72 on Monday. Newmont Goldcorp has a 52 week low of $29.06 and a 52 week high of $41.23. The company’s 50 day moving average price is $38.69 and its two-hundred day moving average price is $35.73. The company has a quick ratio of 1.38, a current ratio of 1.83 and a debt-to-equity ratio of 0.30. The stock has a market cap of $31.21 billion, a P/E ratio of 28.68 and a beta of -0.03.

Newmont Goldcorp (NYSE:NEM) last posted its earnings results on Thursday, July 25th. The basic materials company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.11). Newmont Goldcorp had a positive return on equity of 4.79% and a negative net margin of 1.03%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the business earned $0.26 EPS. Newmont Goldcorp’s quarterly revenue was up 35.8% compared to the same quarter last year. On average, equities analysts anticipate that Newmont Goldcorp will post 1.37 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be issued a $0.14 dividend. The ex-dividend date is Wednesday, September 11th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.45%. Newmont Goldcorp’s dividend payout ratio (DPR) is presently 41.48%.

In other Newmont Goldcorp news, EVP William N. Macgowan sold 3,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.63, for a total transaction of $112,890.00. Following the sale, the executive vice president now owns 206,351 shares of the company’s stock, valued at approximately $7,764,988.13. The sale was disclosed in a legal 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 shares were sold at an average price of $39.32, for a total transaction of $29,490.00. Following the sale, the chief accounting officer now directly owns 41,923 shares in the company, valued at approximately $1,648,412.36. The disclosure for this sale can be found here. Insiders sold a total of 93,970 shares of company stock worth $3,595,725 in the last ninety days. 0.44% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Capital Group LLC grew its position in shares of Newmont Goldcorp by 10.3% during the 2nd quarter. Private Capital Group LLC now owns 3,061 shares of the basic materials company’s stock valued at $115,000 after purchasing an additional 287 shares in the last quarter. Parkside Financial Bank & Trust grew its position in Newmont Goldcorp by 65.6% in the second quarter. Parkside Financial Bank & Trust now owns 760 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 301 shares in the last quarter. 6 Meridian grew its position in Newmont Goldcorp by 2.0% in the second quarter. 6 Meridian now owns 15,313 shares of the basic materials company’s stock worth $589,000 after acquiring an additional 302 shares in the last quarter. Rational Advisors LLC grew its position in Newmont Goldcorp by 16.0% in the second quarter. Rational Advisors LLC now owns 2,222 shares of the basic materials company’s stock worth $86,000 after acquiring an additional 306 shares in the last quarter. Finally, Huntington National Bank grew its position in Newmont Goldcorp by 32.0% in the second quarter. Huntington National Bank now owns 1,294 shares of the basic materials company’s stock worth $50,000 after acquiring an additional 314 shares in the last quarter. Hedge funds and other institutional investors own 80.40% of the company’s stock.

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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