Raymond James Comments on Newmont Mining Corp’s Q1 2019 Earnings (NEM)
Newmont Mining Corp (NYSE:NEM) – Stock analysts at Raymond James dropped their Q1 2019 earnings per share estimates for Newmont Mining in a research note issued on Monday, April 8th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings per share of $0.26 for the quarter, down from their previous estimate of $0.30. Raymond James currently has a “Outperform” rating and a $47.00 target price on the stock. Raymond James also issued estimates for Newmont Mining’s Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.42 EPS, Q4 2019 earnings at $0.47 EPS and FY2019 earnings at $1.44 EPS.
Other equities analysts have also issued research reports about the company. Deutsche Bank reissued a “hold” rating and set a $36.00 target price on shares of Newmont Mining in a research note on Wednesday. Royal Bank of Canada reduced their price target on Newmont Mining to $39.00 and set an “underperform” rating on the stock in a research report on Monday. Barclays reaffirmed a “buy” rating and issued a $39.00 price target on shares of Newmont Mining in a research report on Thursday, March 28th. B. Riley reaffirmed a “neutral” rating and issued a $38.40 price target on shares of Newmont Mining in a research report on Tuesday, March 19th. Finally, Zacks Investment Research raised Newmont Mining from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Tuesday, February 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Newmont Mining currently has a consensus rating of “Hold” and an average target price of $40.49.
Newmont Mining (NYSE:NEM) last posted its earnings results on Thursday, February 21st. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.17. Newmont Mining had a return on equity of 6.19% and a net margin of 4.70%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the prior year, the company earned $0.39 EPS. Newmont Mining’s revenue was up 5.8% on a year-over-year basis.
The business also recently declared a special dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 17th will be given a $0.88 dividend. This represents a yield of 1.57%. The ex-dividend date of this dividend is Tuesday, April 16th. Newmont Mining’s dividend payout ratio is currently 41.48%.
In other Newmont Mining news, COO Thomas Ronald Palmer sold 1,250 shares of the stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $34.13, for a total value of $42,662.50. Following the sale, the chief operating officer now owns 126,610 shares of the company’s stock, valued at approximately $4,321,199.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott P. Lawson sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $35.81, for a total value of $179,050.00. Following the sale, the executive vice president now directly owns 133,545 shares in the company, valued at approximately $4,782,246.45. The disclosure for this sale can be found here. Insiders sold a total of 44,350 shares of company stock worth $1,591,799 in the last ninety days. 0.36% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. 6 Meridian raised its position in shares of Newmont Mining by 7.6% during the 1st quarter. 6 Meridian now owns 15,011 shares of the basic materials company’s stock worth $537,000 after acquiring an additional 1,062 shares in the last quarter. Legacy Capital Partners Inc. grew its stake in shares of Newmont Mining by 10.7% in the 1st quarter. Legacy Capital Partners Inc. now owns 15,055 shares of the basic materials company’s stock valued at $539,000 after purchasing an additional 1,450 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Newmont Mining by 93.6% in the 1st quarter. State of Alaska Department of Revenue now owns 227,126 shares of the basic materials company’s stock valued at $8,123,000 after purchasing an additional 109,812 shares during the last quarter. Hexavest Inc. grew its stake in shares of Newmont Mining by 167.8% in the 1st quarter. Hexavest Inc. now owns 2,260,600 shares of the basic materials company’s stock valued at $80,862,000 after purchasing an additional 1,416,376 shares during the last quarter. Finally, Bank of Edwardsville purchased a new position in shares of Newmont Mining in the 1st quarter valued at approximately $269,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.
Newmont Mining Company Profile
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 February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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