Newmont Mining Corp.’s (NEM) “Buy” Rating Reaffirmed at Credit Suisse Group AG
A number of other equities analysts have also recently commented on NEM. Vetr raised shares of Newmont Mining Corp. from a buy rating to a strong-buy rating and set a $36.05 price objective for the company in a research note on Tuesday, May 24th. Jefferies Group cut shares of Newmont Mining Corp. from a buy rating to a hold rating and dropped their price objective for the stock from $38.00 to $33.00 in a research note on Thursday, June 2nd. Goldman Sachs Group Inc. reissued a buy rating on shares of Newmont Mining Corp. in a research note on Monday, June 27th. BMO Capital Markets reissued an outperform rating and issued a $45.00 price objective on shares of Newmont Mining Corp. in a research note on Tuesday, July 5th. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $44.00 price target (up from $38.00) on shares of Newmont Mining Corp. in a research note on Wednesday, July 6th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Newmont Mining Corp. has a consensus rating of Buy and an average target price of C$37.47.
Newmont Mining Corp. (NYSE:NEM) opened at 38.43 on Monday. The stock’s 50 day moving average is $42.14 and its 200-day moving average is $35.67. Newmont Mining Corp. has a 52-week low of $15.40 and a 52-week high of $46.07. The stock has a market capitalization of $20.39 billion, a price-to-earnings ratio of 519.32 and a beta of 0.22.
Newmont Mining Corp. (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.14. Newmont Mining Corp. had a net margin of 0.51% and a return on equity of 3.89%. The business earned $2 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the company posted $0.26 EPS. The business’s revenue was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Newmont Mining Corp. will post $1.81 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Tuesday, September 13th. Newmont Mining Corp.’s dividend payout ratio is presently 166.69%.
In other Newmont Mining Corp. news, EVP E Randall Engel sold 8,700 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of C$42.55, for a total transaction of C$370,185.00. Following the sale, the executive vice president now owns 219,389 shares of the company’s stock, valued at approximately C$9,335,001.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP William N. Macgowan sold 8,135 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 98,779 shares in the company, valued at approximately C$4,440,116.05. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in NEM. Smith Affiliated Capital Corp. increased its stake in Newmont Mining Corp. by 194.1% in the second quarter. Smith Affiliated Capital Corp. now owns 5,000 shares of the company’s stock valued at $196,000 after buying an additional 3,300 shares in the last quarter. Advisor Partners LLC bought a new stake in Newmont Mining Corp. during the first quarter valued at $203,000. Sullivan Bruyette Speros & Blaney Inc. bought a new stake in Newmont Mining Corp. during the second quarter valued at $203,000. Cypress Capital Management LLC bought a new stake in Newmont Mining Corp. during the first quarter valued at $205,000. Finally, Quadrature Capital Ltd bought a new stake in Newmont Mining Corp. during the first quarter valued at $213,000. 80.26% of the stock is currently owned by institutional investors.
Newmont Mining Corp. Company Profile
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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