Jefferies Group Analysts Raise Earnings Estimates for Newmont Mining Corporation (NEM)
Newmont Mining Corporation (NYSE:NEM) – Equities research analysts at Jefferies Group upped their FY2017 earnings estimates for Newmont Mining Corporation in a report released on Thursday. Jefferies Group analyst C. Lafemina now expects that the basic materials company will post earnings per share of $1.53 for the year, up from their previous estimate of $1.47. Jefferies Group has a “Hold” rating and a $35.00 price target on the stock. Jefferies Group also issued estimates for Newmont Mining Corporation’s FY2020 earnings at $2.07 EPS.
Newmont Mining Corporation (NYSE:NEM) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.20. The business had revenue of $1.88 billion during 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 quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. COPYRIGHT VIOLATION WARNING: This story was first reported by American Banking News and is the property of of American Banking News. If you are viewing this story on another publication, it was stolen and reposted in violation of US & international copyright and trademark legislation. The legal version of this story can be read at https://www.americanbankingnews.com/2017/10/13/jefferies-group-analysts-raise-earnings-estimates-for-newmont-mining-corporation-nem.html.
NEM has been the subject of several other reports. BidaskClub upgraded shares of Newmont Mining Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of Newmont Mining Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 10th. Raymond James Financial, Inc. started coverage on shares of Newmont Mining Corporation in a report on Thursday, June 15th. They issued an “outperform” rating and a $43.00 price target for the company. TheStreet raised shares of Newmont Mining Corporation from a “c+” rating to a “b” rating in a report on Wednesday. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $40.00 price target on shares of Newmont Mining Corporation in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Newmont Mining Corporation presently has a consensus rating of “Buy” and an average price target of $40.96.
Several institutional investors have recently modified their holdings of NEM. Smith Affiliated Capital Corp. raised its holdings 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 during the last quarter. Sun Life Financial INC raised its holdings 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 during the last quarter. Brighton Jones LLC purchased a new position in shares of Newmont Mining Corporation during the first quarter worth $258,000. Banced Corp raised its holdings in shares of Newmont Mining Corporation by 15.3% during the second quarter. Banced Corp now owns 8,473 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Veritable L.P. raised its holdings in shares of Newmont Mining Corporation by 4.6% during the second quarter. Veritable L.P. now owns 8,473 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 370 shares during the last quarter. 81.07% of the stock is owned by hedge funds and other institutional investors.
In related news, COO Thomas Ronald Palmer sold 1,250 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $37.35, for a total transaction of $46,687.50. Following the completion of the transaction, the chief operating officer now owns 88,112 shares of the company’s stock, valued at $3,290,983.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William N. Macgowan sold 2,007 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $36.59, for a total transaction of $73,436.13. Following the transaction, the executive vice president now directly owns 127,178 shares of the company’s stock, valued at approximately $4,653,443.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,707 shares of company stock valued at $1,120,866. Corporate insiders own 0.32% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Shareholders of record on Thursday, September 14th were issued a $0.075 dividend. The ex-dividend date was Wednesday, September 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.78%. This is a boost from Newmont Mining Corporation’s previous quarterly dividend of $0.05. Newmont Mining Corporation’s dividend payout ratio (DPR) is currently -33.33%.
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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