Newmont Mining (NEM) Upgraded to “Buy” at ValuEngine
ValuEngine upgraded shares of Newmont Mining (NYSE:NEM) from a hold rating to a buy rating in a report released on Thursday morning.
Several other brokerages have also commented on NEM. B. Riley reiterated a neutral rating on shares of Newmont Mining in a research note on Wednesday, November 1st. Zacks Investment Research lowered shares of Newmont Mining from a buy rating to a hold rating in a research note on Tuesday, November 14th. BMO Capital Markets set a $45.00 price target on shares of Newmont Mining and gave the stock a buy rating in a research note on Tuesday, November 14th. TheStreet lowered shares of Newmont Mining from a b- rating to a c rating in a research note on Friday, November 17th. Finally, Royal Bank of Canada reiterated a hold rating and set a $43.00 price target on shares of Newmont Mining in a research note on Tuesday, December 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $42.40.
Shares of Newmont Mining (NEM) opened at $37.93 on Thursday. Newmont Mining has a fifty-two week low of $31.42 and a fifty-two week high of $42.04. The firm has a market cap of $20,234.70, a price-to-earnings ratio of 25.98 and a beta of 0.29. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.63 and a quick ratio of 3.14.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th will be issued a $0.14 dividend. This is an increase from Newmont Mining’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.56 annualized dividend and a dividend yield of 1.48%. Newmont Mining’s payout ratio is presently -166.66%.
In other news, insider Gary J. Goldberg sold 1,000 shares of Newmont Mining stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $37.89, for a total value of $37,890.00. Following the sale, the insider now owns 156,096 shares of the company’s stock, valued at $5,914,477.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Elaine J. Dorward-King sold 10,250 shares of Newmont Mining stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $36.48, for a total transaction of $373,920.00. Following the completion of the sale, the executive vice president now directly owns 71,864 shares in the company, valued at approximately $2,621,598.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,450 shares of company stock worth $967,601. Insiders own 0.32% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Timber Hill LLC purchased a new stake in Newmont Mining during the third quarter worth about $260,000. Commonwealth Bank of Australia boosted its holdings in Newmont Mining by 5.7% during the third quarter. Commonwealth Bank of Australia now owns 433,082 shares of the basic materials company’s stock worth $16,239,000 after buying an additional 23,286 shares in the last quarter. Gabelli Funds LLC boosted its holdings in Newmont Mining by 3.7% during the third quarter. Gabelli Funds LLC now owns 2,731,471 shares of the basic materials company’s stock worth $102,457,000 after buying an additional 97,300 shares in the last quarter. Cohen & Steers Inc. boosted its holdings in Newmont Mining by 53.4% during the third quarter. Cohen & Steers Inc. now owns 108,616 shares of the basic materials company’s stock worth $4,074,000 after buying an additional 37,813 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in Newmont Mining by 2.3% during the third quarter. Asset Management One Co. Ltd. now owns 974,348 shares of the basic materials company’s stock worth $36,554,000 after buying an additional 22,325 shares in the last quarter. 81.94% of the stock is currently owned by hedge funds and other institutional investors.
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About Newmont Mining
Newmont Mining Corporation is a 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, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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