Citigroup Inc. Reaffirms Buy Rating for Newmont Mining Corp. (NEM)
Newmont Mining Corp. (NYSE:NEM)‘s stock had its “buy” rating reiterated by equities research analysts at Citigroup Inc. in a note issued to investors on Monday.
Several other equities analysts have also commented on NEM. Zacks Investment Research upgraded shares of Newmont Mining Corp. from a “strong sell” rating to a “hold” rating in a research report on Monday, July 11th. Barclays PLC upgraded shares of Newmont Mining Corp. from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday. Argus restated a “hold” rating on shares of Newmont Mining Corp. in a research report on Wednesday, July 27th. Vetr upgraded shares of Newmont Mining Corp. from a “hold” rating to a “buy” rating and set a $36.33 price target for the company in a research report on Tuesday, June 21st. Finally, Jefferies Group set a $42.00 price objective on shares of Newmont Mining Corp. and gave the stock a “hold” rating in a report on Thursday, July 21st. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Newmont Mining Corp. currently has an average rating of “Buy” and a consensus price target of C$37.47.
Newmont Mining Corp. (NYSE:NEM) traded up 2.34% during trading on Monday, reaching $35.03. 4,987,508 shares of the company’s stock traded hands. The company has a 50-day moving average of $38.22 and a 200 day moving average of $36.87. The stock has a market capitalization of $18.59 billion, a P/E ratio of 473.38 and a beta of 0.25. Newmont Mining Corp. has a 12 month low of $16.05 and a 12 month high of $46.07.
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Newmont Mining Corp. (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.30 by $0.14. The business earned $2 billion during the quarter, compared to analyst estimates of $1.94 billion. Newmont Mining Corp. had a net margin of 0.51% and a return on equity of 3.89%. The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 earnings per share. On average, equities research analysts expect that Newmont Mining Corp. will post $1.80 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were issued a $0.025 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.29%. Newmont Mining Corp.’s dividend payout ratio is 166.69%.
In other news, EVP Scott P. Lawson sold 4,700 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of C$40.35, for a total value of C$189,645.00. Following the transaction, the executive vice president now owns 46,295 shares in the company, valued at approximately C$1,868,003.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephen P. Gottesfeld sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of C$41.59, for a total value of C$415,900.00. Following the completion of the transaction, the executive vice president now owns 122,857 shares in the company, valued at approximately C$5,109,622.63. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Newmont Mining Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 48,215,985 shares of the company’s stock worth $1,886,209,000 after buying an additional 1,294,310 shares in the last quarter. Van ECK Associates Corp increased its position in Newmont Mining Corp. by 42.4% in the second quarter. Van ECK Associates Corp now owns 27,440,471 shares of the company’s stock worth $1,073,471,000 after buying an additional 8,174,021 shares in the last quarter. BlackRock Group LTD increased its position in Newmont Mining Corp. by 24.5% in the second quarter. BlackRock Group LTD now owns 26,495,175 shares of the company’s stock worth $1,036,490,000 after buying an additional 5,210,011 shares in the last quarter. Carmignac Gestion increased its position in Newmont Mining Corp. by 3.5% in the second quarter. Carmignac Gestion now owns 13,079,898 shares of the company’s stock worth $511,686,000 after buying an additional 436,300 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Newmont Mining Corp. by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 6,507,760 shares of the company’s stock worth $254,511,000 after buying an additional 291,632 shares in the last quarter. Institutional investors own 79.78% 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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