Newmont Mining Corp. (NEM) Raised to “Strong-Buy” at Zacks Investment Research
Newmont Mining Corp. (NYSE:NEM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $44.00 target price on the stock.
According to Zacks, “Estimates for Newmont have been moving up of late. Newmont is making notable progress with its growth projects that are expected to boost its production performance. We are also impressed with its cost management initiatives and efforts to reduce debts. Moreover, the acquisition of CC&V represents a significant opportunity for the company. “
NEM has been the topic of a number of other reports. Jefferies Group set a $42.00 target price on shares of Newmont Mining Corp. and gave the company a “hold” rating in a research note on Thursday, July 21st. Citigroup Inc. reissued a “buy” rating on shares of Newmont Mining Corp. in a research note on Thursday, August 18th. Deutsche Bank AG reissued a “buy” rating and set a $49.00 price target on shares of Newmont Mining Corp. in a research note on Wednesday, July 20th. Vetr raised shares of Newmont Mining Corp. from a “buy” rating to a “strong-buy” rating and set a $47.47 price target on the stock in a research note on Wednesday, August 24th. Finally, HSBC reissued a “buy” rating on shares of Newmont Mining Corp. in a research note on Thursday, July 7th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Newmont Mining Corp. presently has a consensus rating of “Buy” and an average target price of C$37.47.
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Newmont Mining Corp. (NYSE:NEM) opened at 38.43 on Tuesday. The company’s 50 day moving average is $42.14 and its 200-day moving average is $35.67. The firm has a market cap of $20.39 billion, a P/E ratio of 519.32 and a beta of 0.22. Newmont Mining Corp. has a 52-week low of $15.40 and a 52-week high of $46.07.
Newmont Mining Corp. (NYSE:NEM) last announced its earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.14. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.94 billion. Newmont Mining Corp. had a net margin of 0.51% and a return on equity of 3.89%. Newmont Mining Corp.’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $0.26 earnings per share. On average, equities analysts predict that Newmont Mining Corp. will post $1.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Tuesday, September 13th. Newmont Mining Corp.’s dividend payout ratio (DPR) is currently 166.69%.
In related news, EVP E Randall Engel sold 8,700 shares of Newmont Mining Corp. stock in a transaction on 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 sale, the executive vice president now owns 219,389 shares in the company, valued at C$9,335,001.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP William N. Macgowan sold 8,135 shares of Newmont Mining Corp. stock in a transaction on Thursday, August 4th. The shares were sold at an average price of C$44.95, for a total transaction of C$365,668.25. Following the completion of the sale, the executive vice president now owns 98,779 shares in the company, valued at approximately C$4,440,116.05. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in NEM. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Newmont Mining Corp. during the second quarter worth approximately $838,000. Kentucky Retirement Systems acquired a new stake in shares of Newmont Mining Corp. during the second quarter worth approximately $1,765,000. Mason Street Advisors LLC acquired a new stake in shares of Newmont Mining Corp. during the second quarter worth approximately $2,795,000. Cohen & Steers Inc. boosted its stake in shares of Newmont Mining Corp. by 50.0% in the second quarter. Cohen & Steers Inc. now owns 67,274 shares of the company’s stock worth $2,632,000 after buying an additional 22,411 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Newmont Mining Corp. by 19.9% in the second quarter. Public Employees Retirement System of Ohio now owns 211,122 shares of the company’s stock worth $8,259,000 after buying an additional 35,002 shares during the period. Institutional investors and hedge funds own 80.26% 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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