$1.80 Billion in Sales Expected for Newmont Mining Corp (NEM) This Quarter

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Equities research analysts expect that Newmont Mining Corp (NYSE:NEM) will post sales of $1.80 billion for the current quarter, according to Zacks. Three analysts have issued estimates for Newmont Mining’s earnings, with the highest sales estimate coming in at $1.84 billion and the lowest estimate coming in at $1.73 billion. Newmont Mining reported sales of $1.88 billion during the same quarter last year, which indicates a negative year over year growth rate of 4.3%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Thursday, October 25th.

According to Zacks, analysts expect that Newmont Mining will report full-year sales of $7.24 billion for the current financial year, with estimates ranging from $6.96 billion to $7.58 billion. For the next fiscal year, analysts expect that the firm will post sales of $7.40 billion, with estimates ranging from $7.15 billion to $7.66 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Newmont Mining.

Newmont Mining (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 26th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.76 billion. Newmont Mining had a net margin of 2.23% and a return on equity of 6.17%. Newmont Mining’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS.

A number of brokerages have issued reports on NEM. ValuEngine upgraded shares of Newmont Mining from a “hold” rating to a “buy” rating in a report on Friday, June 29th. Deutsche Bank set a $37.00 price target on shares of Newmont Mining and gave the company a “hold” rating in a report on Tuesday, October 2nd. Canaccord Genuity set a $40.00 price target on shares of Newmont Mining and gave the company a “hold” rating in a report on Tuesday, July 24th. TheStreet downgraded shares of Newmont Mining from a “b-” rating to a “c” rating in a report on Thursday, October 4th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $46.00 price target on shares of Newmont Mining in a report on Friday, September 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $40.86.

In other news, insider Gary J. Goldberg sold 4,000 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $30.20, for a total value of $120,800.00. Following the sale, the insider now directly owns 138,533 shares in the company, valued at approximately $4,183,696.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Elaine J. Dorward-King sold 3,000 shares of the business’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $36.45, for a total transaction of $109,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,500 shares of company stock worth $675,763. Insiders own 0.36% of the company’s stock.

Several institutional investors have recently bought and sold shares of NEM. Lord Abbett & CO. LLC bought a new stake in shares of Newmont Mining in the 1st quarter worth about $14,295,000. Highland Capital Management LP purchased a new position in shares of Newmont Mining during the 1st quarter worth about $469,000. Verition Fund Management LLC boosted its stake in shares of Newmont Mining by 95.6% during the 1st quarter. Verition Fund Management LLC now owns 34,352 shares of the basic materials company’s stock worth $1,342,000 after purchasing an additional 16,794 shares during the period. Private Capital Group LLC boosted its stake in shares of Newmont Mining by 177.0% during the 1st quarter. Private Capital Group LLC now owns 3,028 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 1,935 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in shares of Newmont Mining by 35.0% during the 1st quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 657,800 shares of the basic materials company’s stock worth $25,700,000 after purchasing an additional 170,500 shares during the period. Hedge funds and other institutional investors own 82.81% of the company’s stock.

NYSE NEM traded down $0.18 on Friday, reaching $32.19. The company had a trading volume of 5,823,900 shares, compared to its average volume of 5,159,161. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.95 and a current ratio of 4.60. The company has a market cap of $17.13 billion, a P/E ratio of 22.28 and a beta of 0.24. Newmont Mining has a 12 month low of $29.16 and a 12 month high of $42.04.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 27th. Stockholders of record on Thursday, September 13th were issued a $0.14 dividend. The ex-dividend date was Wednesday, September 12th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.74%. Newmont Mining’s dividend payout ratio (DPR) is presently 38.36%.

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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