Newmont Mining Co. (NEM) Expected to Announce Quarterly Sales of $1.87 Billion

Equities analysts expect Newmont Mining Co. (NYSE:NEM) to announce sales of $1.87 billion for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Newmont Mining’s earnings, with the highest sales estimate coming in at $1.99 billion and the lowest estimate coming in at $1.77 billion. Newmont Mining reported sales of $1.88 billion during the same quarter last year, which suggests a negative year over year growth rate of 0.5%. The company is expected to issue its next earnings results on Tuesday, July 24th.

According to Zacks, analysts expect that Newmont Mining will report full-year sales of $7.56 billion for the current financial year, with estimates ranging from $7.35 billion to $8.14 billion. For the next financial year, analysts anticipate that the business will post sales of $7.75 billion per share, with estimates ranging from $7.37 billion to $8.69 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Newmont Mining.

Newmont Mining (NYSE:NEM) last released its earnings results on Thursday, April 26th. The basic materials company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.02. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Newmont Mining had a return on equity of 7.01% and a net margin of 0.64%. The firm’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 earnings per share.

A number of research analysts have recently issued reports on NEM shares. Deutsche Bank raised their price objective on Newmont Mining from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, April 11th. BMO Capital Markets set a $46.00 price objective on Newmont Mining and gave the company a “buy” rating in a research note on Wednesday, March 28th. Citigroup raised their price objective on Newmont Mining from $37.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, March 1st. Scotiabank reaffirmed a “buy” rating and set a $49.00 price objective on shares of Newmont Mining in a research note on Thursday, March 1st. Finally, Royal Bank of Canada reaffirmed a “sell” rating and set a $44.00 price objective on shares of Newmont Mining in a research note on Wednesday, April 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. Newmont Mining has an average rating of “Hold” and an average price target of $42.93.

In other news, EVP William N. Macgowan sold 5,000 shares of the stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $38.89, for a total transaction of $194,450.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary J. Goldberg sold 4,000 shares of the stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $39.31, for a total transaction of $157,240.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,500 shares of company stock valued at $794,165. 0.36% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Van ECK Associates Corp lifted its holdings in Newmont Mining by 27.7% in the first quarter. Van ECK Associates Corp now owns 30,087,822 shares of the basic materials company’s stock worth $1,175,531,000 after buying an additional 6,532,988 shares during the period. First Eagle Investment Management LLC lifted its holdings in Newmont Mining by 115.5% in the first quarter. First Eagle Investment Management LLC now owns 9,584,767 shares of the basic materials company’s stock worth $374,477,000 after buying an additional 5,137,612 shares during the period. BlackRock Inc. lifted its holdings in Newmont Mining by 6.1% in the fourth quarter. BlackRock Inc. now owns 77,637,045 shares of the basic materials company’s stock worth $2,912,946,000 after buying an additional 4,440,876 shares during the period. Flossbach Von Storch AG lifted its holdings in Newmont Mining by 16.8% in the first quarter. Flossbach Von Storch AG now owns 9,930,898 shares of the basic materials company’s stock worth $388,000,000 after buying an additional 1,430,627 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Newmont Mining by 120.9% in the fourth quarter. Alliancebernstein L.P. now owns 2,386,160 shares of the basic materials company’s stock worth $89,529,000 after buying an additional 1,306,175 shares during the period. Institutional investors and hedge funds own 83.03% of the company’s stock.

Newmont Mining traded down $0.20, reaching $39.16, during trading on Friday, according to Marketbeat.com. The stock had a trading volume of 3,623,694 shares, compared to its average volume of 3,925,814. Newmont Mining has a one year low of $31.42 and a one year high of $42.04. The stock has a market cap of $21.00 billion, a PE ratio of 26.82 and a beta of 0.29. The company has a quick ratio of 3.62, a current ratio of 4.18 and a debt-to-equity ratio of 0.35.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 21st. Stockholders of record on Thursday, June 7th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, June 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.43%. Newmont Mining’s dividend payout ratio is currently 38.36%.

About Newmont Mining

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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Earnings History and Estimates for Newmont Mining (NYSE:NEM)

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