Newmont Mining Corp. (NEM) Stock Rating Upgraded by Zacks Investment Research
Newmont Mining Corp. (NYSE:NEM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm currently has a $44.00 price objective on the stock.
According to Zacks, “Estimates for Newmont have been moving up 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. “
Other equities research analysts also recently issued reports about the company. Deutsche Bank AG reaffirmed a “buy” rating and set a $49.00 price target on shares of Newmont Mining Corp. in a research note on Wednesday, July 20th. HSBC reissued a “buy” rating on shares of Newmont Mining Corp. in a report on Thursday, July 7th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Newmont Mining Corp. in a report on Monday, June 27th. Vetr raised Newmont Mining Corp. from a “hold” rating to a “buy” rating and set a $36.33 price objective on the stock in a report on Tuesday, June 21st. Finally, Citigroup Inc. assumed coverage on Newmont Mining Corp. in a report on Tuesday, August 2nd. They set a “buy” rating and a $44.00 price objective on the stock. Eight 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 stock has an average rating of “Buy” and a consensus price target of C$37.47.
Shares of Newmont Mining Corp. (NYSE:NEM) opened at 41.03 on Tuesday. The company’s 50 day moving average price is $41.83 and its 200 day moving average price is $35.80. Newmont Mining Corp. has a 52-week low of $15.56 and a 52-week high of $46.07. The firm has a market capitalization of $21.77 billion, a price-to-earnings ratio of 554.46 and a beta of 0.22.
Newmont Mining Corp. (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.14. Newmont Mining Corp. had a return on equity of 3.89% and a net margin of 0.51%. The company earned $2 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the business earned $0.26 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts forecast that Newmont Mining Corp. will post $1.81 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be given a dividend of $0.025 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.10 annualized dividend and a dividend yield of 0.24%. Newmont Mining Corp.’s dividend payout ratio (DPR) is presently 166.69%.
In related news, EVP William N. Macgowan sold 8,135 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 98,779 shares in the company, valued at approximately C$4,440,116.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott P. Lawson sold 4,700 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of C$40.35, for a total value of C$189,645.00. Following the transaction, the executive vice president now owns 46,295 shares of the company’s stock, valued at approximately C$1,868,003.25. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Smith Affiliated Capital Corp. increased its position in shares of Newmont Mining Corp. by 194.1% in the second quarter. Smith Affiliated Capital Corp. now owns 5,000 shares of the company’s stock valued at $196,000 after buying an additional 3,300 shares during the last quarter. Advisor Partners LLC acquired a new position in shares of Newmont Mining Corp. during the first quarter valued at about $203,000. Sullivan Bruyette Speros & Blaney Inc. acquired a new position in shares of Newmont Mining Corp. during the second quarter valued at about $203,000. Cypress Capital Management LLC acquired a new position in shares of Newmont Mining Corp. during the first quarter valued at about $205,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Newmont Mining Corp. during the first quarter valued at about $213,000. Institutional investors and hedge funds own 79.71% of the company’s stock.
Newmont Mining Corp. Company Profile
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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