Zacks Investment Research upgraded shares of Newmont Mining Corp. (NYSE:NEM) from a hold rating to a strong-buy rating in a report issued on Tuesday. The brokerage currently has $44.00 price target on the stock.
According to Zacks, “Newmont continues to invest in growth projects that are expected to boost its production performance. The company is also making significant progress with its cost and efficiency improvement programs. Successful cost reductions are allowing the company to generate positive free cash flow. Newmont also remains committed to de-lever its balance sheet. Moreover, the acquisition of CC&V represents a significant opportunity for the company.”
Several other analysts have also commented on the stock. Vetr lowered shares of Newmont Mining Corp. from a strong-buy rating to a buy rating and set a $45.64 price objective on the stock. in a research report on Wednesday, September 21st. Credit Suisse Group AG reiterated a buy rating on shares of Newmont Mining Corp. in a research note on Monday, September 19th. Citigroup Inc. reiterated a buy rating on shares of Newmont Mining Corp. in a research note on Thursday, August 18th. Morgan Stanley reiterated a hold rating and issued a $41.00 target price on shares of Newmont Mining Corp. in a research note on Tuesday, August 16th. Finally, Barclays PLC lifted their target price 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. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of C$37.47.
Shares of Newmont Mining Corp. (NYSE:NEM) traded up 0.3022% during mid-day trading on Tuesday, hitting $34.3535. 2,805,094 shares of the stock were exchanged. The stock’s 50-day moving average is $40.20 and its 200-day moving average is $36.64. The stock has a market capitalization of $18.23 billion, a price-to-earnings ratio of 464.2365 and a beta of 0.25. Newmont Mining Corp. has a 52 week low of $16.05 and a 52 week high of $46.07.
Newmont Mining Corp. (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.30 by $0.14. The business had revenue of $2 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. Analysts forecast that Newmont Mining Corp. will post $1.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were issued 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 yield of 0.29%. Newmont Mining Corp.’s dividend payout ratio is currently 166.69%.
In related news, EVP William N. Macgowan sold 8,135 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of C$44.95, for a total transaction of C$365,668.25. Following the completion of the sale, the executive vice president now directly owns 98,779 shares in the company, valued at approximately C$4,440,116.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP E Randall Engel sold 8,700 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of C$42.55, for a total transaction of C$370,185.00. Following the sale, the executive vice president now owns 219,389 shares of the company’s stock, valued at C$9,335,001.95. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company’s stock.
A number of large investors have recently bought and sold shares of NEM. Vanguard Group Inc. raised its stake in Newmont Mining Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 48,215,985 shares of the company’s stock worth $1,886,209,000 after buying an additional 1,294,310 shares in the last quarter. Van ECK Associates Corp raised its stake in Newmont Mining Corp. by 42.4% in the second quarter. Van ECK Associates Corp now owns 27,440,471 shares of the company’s stock worth $1,073,471,000 after buying an additional 8,174,021 shares in the last quarter. BlackRock Group LTD raised its stake in Newmont Mining Corp. by 24.5% in the second quarter. BlackRock Group LTD now owns 26,495,175 shares of the company’s stock worth $1,036,490,000 after buying an additional 5,210,011 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Newmont Mining Corp. by 4.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 16,687,935 shares of the company’s stock worth $443,565,000 after buying an additional 729,721 shares in the last quarter. Finally, Carmignac Gestion raised its stake in Newmont Mining Corp. by 3.5% in the second quarter. Carmignac Gestion now owns 13,079,898 shares of the company’s stock worth $511,686,000 after buying an additional 436,300 shares in the last quarter. Institutional investors 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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