$1.85 Billion in Sales Expected for Newmont Mining Corporation (NEM) This Quarter
Wall Street brokerages expect Newmont Mining Corporation (NYSE:NEM) to report sales of $1.85 billion for the current quarter, Zacks reports. Three analysts have made estimates for Newmont Mining Corporation’s earnings, with the highest sales estimate coming in at $1.89 billion and the lowest estimate coming in at $1.81 billion. Newmont Mining Corporation reported sales of $1.79 billion in the same quarter last year, which indicates a positive year over year growth rate of 3.4%. The company is scheduled to announce its next earnings results before the market opens on Thursday, October 26th.
According to Zacks, analysts expect that Newmont Mining Corporation will report full-year sales of $1.85 billion for the current fiscal year, with estimates ranging from $7.05 billion to $7.27 billion. For the next fiscal year, analysts expect that the company will report sales of $7.09 billion per share, with estimates ranging from $6.94 billion to $7.28 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Newmont Mining Corporation.
Newmont Mining Corporation (NYSE:NEM) last posted its earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.20. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate 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 firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share.
Several research analysts have issued reports on the stock. Royal Bank Of Canada set a $41.00 price objective on shares of Newmont Mining Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. BMO Capital Markets set a $40.00 target price on shares of Newmont Mining Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. BidaskClub cut shares of Newmont Mining Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Zacks Investment Research cut shares of Newmont Mining Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Argus upgraded shares of Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Newmont Mining Corporation currently has an average rating of “Buy” and an average price target of $40.96.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.79%. This is an increase from Newmont Mining Corporation’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Wednesday, September 13th. Newmont Mining Corporation’s payout ratio is presently -33.33%.
In other Newmont Mining Corporation news, EVP Elaine J. Dorward-King sold 10,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $38.27, for a total transaction of $392,267.50. Following the completion of the sale, the executive vice president now directly owns 82,114 shares in the company, valued at $3,142,502.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gary J. Goldberg sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $38.60, for a total transaction of $38,600.00. Following the sale, the insider now owns 334,730 shares of the company’s stock, valued at $12,920,578. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,707 shares of company stock valued at $919,128. 0.32% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. WFG Advisors LP grew its stake in Newmont Mining Corporation by 83.5% during the first quarter. WFG Advisors LP now owns 3,748 shares of the basic materials company’s stock worth $124,000 after buying an additional 1,706 shares during the period. Smith Affiliated Capital Corp. lifted its position in shares of Newmont Mining Corporation by 8.6% during the second quarter. Smith Affiliated Capital Corp. now owns 3,800 shares of the basic materials company’s stock worth $123,000 after purchasing an additional 300 shares in the last quarter. Sun Life Financial INC lifted its position in shares of Newmont Mining Corporation by 43,144.4% during the second quarter. Sun Life Financial INC now owns 3,892 shares of the basic materials company’s stock worth $126,000 after purchasing an additional 3,883 shares in the last quarter. Boston Private Wealth LLC acquired a new position in shares of Newmont Mining Corporation during the first quarter worth $222,000. Finally, Brighton Jones LLC acquired a new position in shares of Newmont Mining Corporation during the first quarter worth $258,000. Institutional investors own 81.08% 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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