Zacks Investment Research Upgrades Newmont Mining Corp. (NEM) to “Strong-Buy”
Newmont Mining Corp. (NYSE:NEM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The brokerage currently has a $44.00 price target 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. “
Several other analysts also recently issued reports on NEM. Vetr upgraded Newmont Mining Corp. from a “buy” rating to a “strong-buy” rating and set a $36.05 price objective on the stock in a report on Tuesday, May 24th. Jefferies Group downgraded Newmont Mining Corp. from a “buy” rating to a “hold” rating and dropped their target price for the company from $38.00 to $33.00 in a report on Thursday, June 2nd. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Newmont Mining Corp. in a report on Monday, June 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $45.00 target price on shares of Newmont Mining Corp. in a report on Tuesday, July 5th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $44.00 target price (up previously from $38.00) on shares of Newmont Mining Corp. in a report on Wednesday, July 6th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of C$37.47.
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Shares of Newmont Mining Corp. (NYSE:NEM) opened at 38.43 on Tuesday. The stock’s 50 day moving average is $42.14 and its 200-day moving average is $35.67. Newmont Mining Corp. has a 1-year low of $15.40 and a 1-year high of $46.07. The stock has a market cap of $20.39 billion, a price-to-earnings ratio of 519.32 and a beta of 0.22.
Newmont Mining Corp. (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.14. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.94 billion. Newmont Mining Corp. had a return on equity of 3.89% and a net margin of 0.51%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS. On average, analysts anticipate that Newmont Mining Corp. will post $1.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be given a $0.025 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.10 annualized dividend and a dividend yield of 0.26%. Newmont Mining Corp.’s dividend payout ratio is 166.69%.
In other news, EVP Stephen P. Gottesfeld sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of C$41.59, for a total value of C$415,900.00. Following the completion of the sale, the executive vice president now directly owns 122,857 shares of the company’s stock, valued at C$5,109,622.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott P. Lawson sold 4,700 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of C$40.35, for a total value of C$189,645.00. Following the completion of the sale, the executive vice president now directly owns 46,295 shares of the company’s stock, valued at C$1,868,003.25. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Anchor Bolt Capital LP acquired a new stake in Newmont Mining Corp. during the first quarter valued at $62,435,000. Orbis Allan Gray Ltd acquired a new stake in Newmont Mining Corp. during the first quarter valued at $86,842,000. Scout Investments Inc. acquired a new stake in Newmont Mining Corp. during the second quarter valued at $7,174,000. Natixis boosted its stake in Newmont Mining Corp. by 152.9% in the first quarter. Natixis now owns 1,372,022 shares of the company’s stock valued at $36,468,000 after buying an additional 829,587 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in Newmont Mining Corp. by 19.4% in the first quarter. BlackRock Group LTD now owns 21,285,164 shares of the company’s stock valued at $565,760,000 after buying an additional 3,464,169 shares in the last quarter. 80.26% of the stock is owned by institutional investors.
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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