Traders Buy Newmont Mining Corp. (NEM) on Weakness
Investors bought shares of Newmont Mining Corp. (NYSE:NEM) on weakness during trading on Thursday. $41.34 million flowed into the stock on the tick-up and $29.33 million flowed out of the stock on the tick-down, for a money net flow of $12.01 million into the stock. Of all equities tracked, Newmont Mining Corp. had the 9th highest net in-flow for the day. Newmont Mining Corp. traded down ($0.14) for the day and closed at $45.43
A number of equities analysts recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Newmont Mining Corp. in a research note on Tuesday. They issued an “equal weight” rating and a $41.00 price target on the stock. Barclays PLC boosted their target price on Newmont Mining Corp. from $38.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 8th. Citigroup Inc. began coverage on Newmont Mining Corp. in a research report on Tuesday, August 2nd. They issued a “buy” rating and a $44.00 target price for the company. Deutsche Bank AG reissued a “buy” rating and issued a $44.00 target price (up previously from $38.00) on shares of Newmont Mining Corp. in a research report on Wednesday, July 6th. Finally, HSBC reissued a “buy” rating on shares of Newmont Mining Corp. in a research report on Thursday, July 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of C$36.11.
The firm has a 50-day moving average of $41.79 and a 200-day moving average of $32.44. The firm has a market capitalization of $23.97 billion and a price-to-earnings ratio of 610.41.
Newmont Mining Corp. (NYSE:NEM) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.14. The business earned $2 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the business posted $0.26 EPS. Newmont Mining Corp.’s revenue was up 6.8% compared to the same quarter last year. Analysts anticipate that Newmont Mining Corp. will post $1.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued 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 is Tuesday, September 13th.
In related news, EVP William N. Macgowan sold 8,135 shares of Newmont Mining Corp. stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of C$44.95, for a total transaction of C$365,668.25. Following the completion of the sale, the executive vice president now owns 98,779 shares of the company’s stock, valued at C$4,440,116.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephen P. Gottesfeld sold 10,000 shares of Newmont Mining Corp. stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of C$41.59, for a total value of C$415,900.00. Following the sale, the executive vice president now directly owns 122,857 shares of the company’s stock, valued at approximately C$5,109,622.63. The disclosure for this sale can be found here.
Several large investors have recently added to or reduced their stakes in NEM. Dimensional Fund Advisors LP increased 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 worth $91,905,000 after buying an additional 135,768 shares during the period. Bridgewater Associates LP increased its stake in Newmont Mining Corp. by 53.1% in the fourth quarter. Bridgewater Associates LP now owns 957,569 shares of the company’s stock worth $17,227,000 after buying an additional 332,295 shares during the period. Principal Financial Group Inc. increased its stake in Newmont Mining Corp. by 4.8% in the fourth quarter. Principal Financial Group Inc. now owns 775,497 shares of the company’s stock worth $13,952,000 after buying an additional 35,846 shares during the period. BlackRock Advisors LLC increased 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 worth $13,435,000 after buying an additional 115,197 shares during the period. Finally, I.G. Investment Management LTD. increased 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 worth $4,467,000 after buying an additional 113,402 shares during the period.
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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