Newmont Mining Corporation (NEM) Lowered to “Hold” at Zacks Investment Research
Newmont Mining Corporation (NYSE:NEM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Newmont’s revenues and adjusted earnings for second-quarter 2017 beat the respective Zacks Consensus Estimate. The company saw higher gold production in the quarter. Newmont’s shares have outperformed the industry it belongs to in the past three months. Newmont continues to invest in growth projects that are expected to boost its production performance. It also remains committed to de-lever its balance sheet. Moreover, the acquisition of CC&V represents a significant opportunity for the company. Improved operational efficiency is also allowing it to generate positive free cash flow. However, Newmont is exposed to a volatile gold price environment. Oversupply in the market also poses a threat on copper prices. The company's falling gold reserve base is another concern. “
NEM has been the topic of a number of other reports. BidaskClub upgraded shares of Newmont Mining Corporation from a “sell” rating to a “hold” rating in a research report on Thursday. Raymond James Financial, Inc. began coverage on shares of Newmont Mining Corporation in a research report on Thursday, June 15th. They issued an “outperform” rating and a $43.00 price target on the stock. Royal Bank Of Canada set a $40.00 price target on shares of Newmont Mining Corporation and gave the company a “hold” rating in a research report on Monday, June 12th. Scotiabank upgraded shares of Newmont Mining Corporation from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $43.00 to $43.50 in a research report on Wednesday, July 5th. Finally, Argus upgraded shares of Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Newmont Mining Corporation currently has an average rating of “Buy” and an average target price of $41.73.
Newmont Mining Corporation (NYSE NEM) traded down 1.20% during midday trading on Friday, hitting $36.15. 4,072,469 shares of the stock were exchanged. Newmont Mining Corporation has a one year low of $30.19 and a one year high of $46.07. The firm’s market capitalization is $19.28 billion. The company has a 50 day moving average price of $33.80 and a 200 day moving average price of $34.24.
Newmont Mining Corporation (NYSE:NEM) last issued its earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.20. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.77 billion. Newmont Mining Corporation had a negative net margin of 6.73% and a positive return on equity of 6.67%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.44 EPS. Equities analysts anticipate that Newmont Mining Corporation will post $1.38 EPS for the current year.
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In other Newmont Mining Corporation news, EVP E Randall Engel sold 5,700 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $35.00, for a total transaction of $199,500.00. Following the sale, the executive vice president now directly owns 256,800 shares in the company, valued at approximately $8,988,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Thomas Ronald Palmer sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $31.80, for a total transaction of $39,750.00. Following the sale, the chief operating officer now owns 91,862 shares in the company, valued at $2,921,211.60. The disclosure for this sale can be found here. Insiders have sold a total of 22,907 shares of company stock worth $803,461 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of Newmont Mining Corporation by 55.8% in the first quarter. Bank of New York Mellon Corp now owns 9,135,286 shares of the basic materials company’s stock valued at $301,099,000 after buying an additional 3,273,420 shares during the period. Flossbach Von Storch AG increased its stake in shares of Newmont Mining Corporation by 81.7% in the first quarter. Flossbach Von Storch AG now owns 6,092,593 shares of the basic materials company’s stock valued at $200,812,000 after buying an additional 2,739,440 shares during the period. Vanguard Group Inc. increased its stake in shares of Newmont Mining Corporation by 3.3% in the first quarter. Vanguard Group Inc. now owns 52,924,916 shares of the basic materials company’s stock valued at $1,744,405,000 after buying an additional 1,671,897 shares during the period. Van ECK Associates Corp increased its stake in shares of Newmont Mining Corporation by 4.8% in the first quarter. Van ECK Associates Corp now owns 36,170,799 shares of the basic materials company’s stock valued at $1,192,190,000 after buying an additional 1,656,051 shares during the period. Finally, Ruffer LLP increased its stake in shares of Newmont Mining Corporation by 6,080.4% in the first quarter. Ruffer LLP now owns 1,113,828 shares of the basic materials company’s stock valued at $38,425,000 after buying an additional 1,095,806 shares during the period. Hedge funds and other institutional investors own 81.41% of the company’s stock.
About Newmont Mining Corporation
Newmont Mining Corporation is a 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, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.
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