Zacks Investment Research upgraded shares of Newmont Mining Corp. (NYSE:NEM) from a hold rating to a strong-buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $44.00 target price on the stock.
According to Zacks, “Newmont continues to invest in growth projects that are expected to boost its production performance. The company is also making significant progress with its cost and efficiency improvement programs. Successful cost reductions are allowing the company to generate positive free cash flow. Newmont also remains committed to de-lever its balance sheet. Moreover, the acquisition of CC&V represents a significant opportunity for the company.”
Several other analysts have also commented on the company. Vetr lowered Newmont Mining Corp. from a strong-buy rating to a buy rating and set a $45.64 price objective for the company. in a report on Wednesday, September 21st. Credit Suisse Group AG restated a buy rating on shares of Newmont Mining Corp. in a research report on Monday, September 19th. Citigroup Inc. restated a buy rating on shares of Newmont Mining Corp. in a research report on Thursday, August 18th. Morgan Stanley restated a hold rating and issued a $41.00 price objective on shares of Newmont Mining Corp. in a research report on Tuesday, August 16th. Finally, Barclays PLC boosted their price objective on Newmont Mining Corp. from $38.00 to $45.00 and gave the company an equal weight rating in a research report on Monday, August 8th. Eight research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Newmont Mining Corp. has a consensus rating of Buy and a consensus target price of C$37.47.
Newmont Mining Corp. (NYSE:NEM) traded up 1.26% during mid-day trading on Tuesday, hitting $34.48. The company’s stock had a trading volume of 1,353,205 shares. The company’s 50 day moving average is $39.64 and its 200-day moving average is $36.60. The stock has a market cap of $18.29 billion, a P/E ratio of 465.95 and a beta of 0.25. Newmont Mining Corp. has a 52-week low of $16.05 and a 52-week high of $46.07.
Newmont Mining Corp. (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ 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 analyst estimates of $1.94 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. Newmont Mining Corp.’s revenue was up 6.8% compared to the same quarter last year. On average, equities analysts predict that Newmont Mining Corp. will post $1.80 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend was Tuesday, September 13th. Newmont Mining Corp.’s payout ratio is 166.69%.
In other news, EVP E Randall Engel sold 8,700 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of C$42.55, for a total value of C$370,185.00. Following the transaction, the executive vice president now directly owns 219,389 shares in the company, valued at approximately C$9,335,001.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP William N. Macgowan sold 8,135 shares of the firm’s stock in a transaction dated 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 C$4,440,116.05. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Smith Affiliated Capital Corp. increased its position in Newmont Mining Corp. by 194.1% in the second quarter. Smith Affiliated Capital Corp. now owns 5,000 shares of the company’s stock worth $196,000 after buying an additional 3,300 shares during the last quarter. Advisor Partners LLC acquired a new position in Newmont Mining Corp. during the first quarter worth about $203,000. Sullivan Bruyette Speros & Blaney Inc. acquired a new position in Newmont Mining Corp. during the second quarter worth about $203,000. Cypress Capital Management LLC acquired a new position in Newmont Mining Corp. during the first quarter worth about $205,000. Finally, Quadrature Capital Ltd acquired a new position in Newmont Mining Corp. during the first quarter worth about $213,000. Institutional investors 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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