Investors Buy Newmont Mining Corp. (NEM) on Weakness
Traders bought shares of Newmont Mining Corp. (NYSE:NEM) on weakness during trading on Wednesday. $67.57 million flowed into the stock on the tick-up and $38.75 million flowed out of the stock on the tick-down, for a money net flow of $28.82 million into the stock. Of all companies tracked, Newmont Mining Corp. had the 27th highest net in-flow for the day. Newmont Mining Corp. traded down ($0.84) for the day and closed at $45.02
Several equities analysts recently commented on the company. CIBC increased their target price on Newmont Mining Corp. from $28.50 to $34.00 in a report on Friday, April 8th. Jefferies Group set a $42.00 target price on Newmont Mining Corp. and gave the company a “hold” rating in a report on Thursday, July 21st. Zacks Investment Research raised Newmont Mining Corp. from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, July 26th. Citigroup Inc. started coverage on Newmont Mining Corp. in a report on Tuesday. They set a “buy” rating and a $44.00 price objective on the stock. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $49.00 price objective on shares of Newmont Mining Corp. in a report on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of C$35.05.
The stock’s 50 day moving average price is $39.89 and its 200-day moving average price is $31.24. The company has a market capitalization of $23.89 billion and a P/E ratio of 608.38.
Newmont Mining Corp. (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.14. During the same period in the prior year, the company earned $0.26 EPS. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.94 billion. Newmont Mining Corp.’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts anticipate that Newmont Mining Corp. will post $1.72 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend is Tuesday, September 13th.
In related news, EVP Stephen P. Gottesfeld sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of C$41.59, for a total transaction of C$415,900.00. Following the completion of the sale, the executive vice president now owns 122,857 shares of the company’s stock, valued at approximately C$5,109,622.63. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott P. Lawson sold 4,700 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of C$40.35, for a total transaction of C$189,645.00. Following the sale, the executive vice president now directly owns 46,295 shares of the company’s stock, valued at approximately C$1,868,003.25. The disclosure for this sale can be found here.
Other large investors have made changes to their positions in the company. American International Group Inc. increased its stake in shares of Newmont Mining Corp. by 2.0% in the fourth quarter. American International Group Inc. now owns 227,834 shares of the company’s stock worth $4,098,000 after buying an additional 4,444 shares in the last quarter. BlackRock Advisors LLC boosted its position in Newmont Mining Corp. by 18.2% in the fourth quarter. BlackRock Advisors LLC now owns 746,816 shares of the company’s stock valued at $13,435,000 after buying an additional 115,197 shares during the period. Dimensional Fund Advisors LP boosted its position in Newmont Mining Corp. by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,109,241 shares of the company’s stock valued at $91,905,000 after buying an additional 135,768 shares during the period. I.G. Investment Management LTD. boosted its position in Newmont Mining Corp. by 84.1% in the fourth quarter. I.G. Investment Management LTD. now owns 248,302 shares of the company’s stock valued at $4,467,000 after buying an additional 113,402 shares during the period. Finally, Levin Capital Strategies L.P. purchased a new position in Newmont Mining Corp. during the fourth quarter valued at approximately $4,030,000.
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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