Zacks Investment Research upgraded shares of Newmont Mining (NYSE:NEM) from a hold rating to a strong-buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $43.00 price objective on the basic materials company’s stock.
According to Zacks, “Annual estimates for Newmont have been going up of late. Newmont’s shares have outperformed the industry it belongs to in the past six months. Newmont continues to invest in growth projects that are expected to boost its production performance. It also remains committed to de-lever its balance sheet. Moreover, the acquisition of CC&V represents a significant opportunity for the company. Improved operational efficiency is also allowing it to generate positive free cash flow.”
A number of other equities research analysts have also weighed in on the stock. B. Riley reaffirmed a neutral rating on shares of Newmont Mining in a research note on Wednesday, November 1st. BMO Capital Markets set a $45.00 target price on shares of Newmont Mining and gave the company a buy rating in a research note on Tuesday, November 14th. FBR & Co set a $40.00 target price on shares of Newmont Mining and gave the company a hold rating in a research note on Tuesday, October 31st. TheStreet raised shares of Newmont Mining from a c+ rating to a b rating in a research note on Wednesday, October 11th. Finally, BidaskClub cut shares of Newmont Mining from a hold rating to a sell rating in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $42.74.
Shares of Newmont Mining (NEM) traded down $0.64 during trading on Tuesday, reaching $36.20. 5,984,100 shares of the company’s stock were exchanged, compared to its average volume of 5,412,637. The company has a market cap of $19,648.12, a price-to-earnings ratio of 26.50 and a beta of 0.10. Newmont Mining has a 1-year low of $30.40 and a 1-year high of $39.63. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.58 and a current ratio of 4.18.
Newmont Mining (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. Newmont Mining had a net margin of 1.18% and a return on equity of 6.20%. The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. sell-side analysts expect that Newmont Mining will post 1.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Friday, December 8th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.30 annualized dividend and a yield of 0.83%. Newmont Mining’s dividend payout ratio (DPR) is presently 200.00%.
In other Newmont Mining news, EVP Elaine J. Dorward-King sold 10,250 shares of Newmont Mining stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $38.27, for a total value of $392,267.50. Following the completion of the transaction, the executive vice president now directly owns 82,114 shares of the company’s stock, valued at $3,142,502.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP E Randall Engel sold 5,700 shares of Newmont Mining stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $36.44, for a total transaction of $207,708.00. Following the completion of the transaction, the executive vice president now directly owns 122,178 shares of the company’s stock, valued at $4,452,166.32. The disclosure for this sale can be found here. Insiders sold 27,700 shares of company stock valued at $1,038,458 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.
A number of institutional investors have recently modified their holdings of NEM. Vanguard Group Inc. raised its holdings in shares of Newmont Mining by 2.6% during the second quarter. Vanguard Group Inc. now owns 54,285,832 shares of the basic materials company’s stock valued at $1,758,317,000 after purchasing an additional 1,360,916 shares during the last quarter. Carmignac Gestion raised its holdings in shares of Newmont Mining by 8.0% during the third quarter. Carmignac Gestion now owns 15,346,347 shares of the basic materials company’s stock valued at $575,641,000 after purchasing an additional 1,141,466 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Newmont Mining by 12.2% during the third quarter. Bank of New York Mellon Corp now owns 10,596,020 shares of the basic materials company’s stock valued at $397,458,000 after purchasing an additional 1,150,995 shares during the last quarter. Flossbach Von Storch AG raised its holdings in shares of Newmont Mining by 2.5% during the third quarter. Flossbach Von Storch AG now owns 8,072,121 shares of the basic materials company’s stock valued at $302,785,000 after purchasing an additional 198,935 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Newmont Mining by 7,145.7% during the second quarter. Janus Henderson Group PLC now owns 5,273,545 shares of the basic materials company’s stock valued at $170,812,000 after purchasing an additional 5,200,763 shares during the last quarter. 81.99% of the stock is owned by institutional investors and hedge funds.
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Newmont Mining Company Profile
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.
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