Traders Buy Shares of Newmont Mining Corp. (NEM) on Weakness
Traders purchased shares of Newmont Mining Corp. (NYSE:NEM) on weakness during trading on Friday. $68.27 million flowed into the stock on the tick-up and $39.08 million flowed out of the stock on the tick-down, for a money net flow of $29.19 million into the stock. Of all equities tracked, Newmont Mining Corp. had the 10th highest net in-flow for the day. Newmont Mining Corp. traded down ($0.48) for the day and closed at $44.43
NEM has been the subject of a number of analyst reports. Vetr cut Newmont Mining Corp. from a “strong-buy” rating to a “buy” rating and set a $38.21 price target for the company. in a report on Monday, May 9th. Royal Bank Of Canada raised Newmont Mining Corp. from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $34.00 to $40.00 in a report on Tuesday, April 26th. They noted that the move was a valuation call. Zacks Investment Research cut Newmont Mining Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, May 17th. BMO Capital Markets reissued an “outperform” rating and issued a $45.00 price target on shares of Newmont Mining Corp. in a report on Tuesday, July 5th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $44.00 price target (up from $38.00) on shares of Newmont Mining Corp. in a report on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of C$35.05.
The stock has a market capitalization of $23.57 billion and a P/E ratio of 600.41. The company has a 50 day moving average of $40.39 and a 200 day moving average of $31.43.
Newmont Mining Corp. (NYSE:NEM) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.14. During the same period in the previous year, the business posted $0.26 earnings per share. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.94 billion. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Newmont Mining Corp. will post $1.72 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date of this dividend is Tuesday, September 13th.
In other Newmont Mining Corp. news, EVP E Randall Engel sold 8,700 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of C$42.55, for a total transaction of C$370,185.00. Following the completion of the transaction, the executive vice president now directly owns 219,389 shares of the company’s stock, valued at approximately C$9,335,001.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott P. Lawson sold 4,700 shares of the stock in a transaction on Tuesday, July 26th. The shares were 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 directly owns 46,295 shares of the company’s stock, valued at C$1,868,003.25. The disclosure for this sale can be found here.
Several large investors recently added to or reduced their stakes in the company. American International Group Inc. raised its stake in Newmont Mining Corp. by 2.0% in the fourth quarter. American International Group Inc. now owns 227,834 shares of the company’s stock valued at $4,098,000 after buying an additional 4,444 shares in the last quarter. BlackRock Advisors LLC raised its stake 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 in the last quarter. Dimensional Fund Advisors LP raised its stake 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 in the last quarter. I.G. Investment Management LTD. raised its stake 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 in the last quarter. Finally, Levin Capital Strategies L.P. bought a new stake in Newmont Mining Corp. during the fourth quarter valued at $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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