Newmont Mining Corp. (NYSE:NEM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Estimates for Newmont have been stable of late. Newmont is making notable progress with its growth projects that are expected to boost its production performance. We are also impressed with its cost management initiatives and efforts to reduce debts. Moreover, the acquisition of CC&V represents a significant opportunity for the company. However, Newmont is exposed to a volatile price environment and challenges in the copper market. Oversupply in the market poses a threat on copper prices. Moreover, the decision to divest stake in Indonesian assets could affect the company's production and bottom line in 2016. The company's production may also be affected by lower grades across specific mines and geopolitical issues. “
Several other equities analysts also recently commented on the stock. Vetr downgraded shares of Newmont Mining Corp. from a “strong-buy” rating to a “buy” rating and set a $45.64 price target for the company. in a research note on Wednesday, September 21st. Credit Suisse Group AG restated a “buy” rating on shares of Newmont Mining Corp. in a research note on Monday, September 19th. Citigroup Inc. restated a “buy” rating on shares of Newmont Mining Corp. in a research note on Thursday, August 18th. Morgan Stanley restated a “hold” rating and issued a $41.00 price target on shares of Newmont Mining Corp. in a research note on Tuesday, August 16th. Finally, Barclays PLC boosted their price target on shares of Newmont Mining Corp. from $38.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, August 8th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of C$37.47.
Shares of Newmont Mining Corp. (NYSE:NEM) traded down 2.77% during midday trading on Monday, reaching $38.20. The company’s stock had a trading volume of 2,381,767 shares. The company has a 50 day moving average price of $40.71 and a 200-day moving average price of $36.38. Newmont Mining Corp. has a 52 week low of $16.05 and a 52 week high of $46.07. The stock has a market capitalization of $20.27 billion, a PE ratio of 516.22 and a beta of 0.25.
Newmont Mining Corp. (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.14. The business earned $2 billion during the quarter, compared to the consensus estimate of $1.94 billion. Newmont Mining Corp. had a net margin of 0.51% and a return on equity of 3.89%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 earnings per share. On average, equities research analysts expect that Newmont Mining Corp. will post $1.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were paid a dividend of $0.025 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.25%. Newmont Mining Corp.’s dividend payout ratio (DPR) is 166.69%.
In other news, EVP Scott P. Lawson sold 4,700 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of C$40.35, for a total transaction of C$189,645.00. Following the transaction, the executive vice president now directly owns 46,295 shares in the company, valued at C$1,868,003.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP William N. Macgowan sold 8,135 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of C$44.95, for a total transaction of C$365,668.25. Following the transaction, the executive vice president now owns 98,779 shares in the company, valued at C$4,440,116.05. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Newmont Mining Corp. during the fourth quarter worth about $43,180,000. Aperio Group LLC raised its position in shares of Newmont Mining Corp. by 20.9% in the first quarter. Aperio Group LLC now owns 164,887 shares of the company’s stock valued at $4,383,000 after buying an additional 28,479 shares during the last quarter. Teachers Advisors Inc. raised its position in shares of Newmont Mining Corp. by 18.8% in the first quarter. Teachers Advisors Inc. now owns 938,482 shares of the company’s stock valued at $24,945,000 after buying an additional 148,448 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Newmont Mining Corp. by 1.1% in the first quarter. Franklin Resources Inc. now owns 135,018 shares of the company’s stock valued at $3,588,000 after buying an additional 1,529 shares during the last quarter. Finally, BlackRock Group LTD raised its position in shares of Newmont Mining Corp. by 19.4% in the first quarter. BlackRock Group LTD now owns 21,285,164 shares of the company’s stock valued at $565,760,000 after buying an additional 3,464,169 shares during the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.
About Newmont Mining Corp.
Newmont Mining Corporation is a global mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana and Suriname. Its segments are North America, South America, Asia Pacific and Africa.
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