Newmont Mining Corp. (NEM) Stock Rating Lowered by Vetr Inc.
Newmont Mining Corp. (NYSE:NEM) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. They currently have a $45.64 price objective on the stock.
A number of other analysts also recently issued reports on NEM. Jefferies Group downgraded Newmont Mining Corp. from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $38.00 to $33.00 in a research note on Thursday, June 2nd. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Newmont Mining Corp. in a report on Monday, June 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $45.00 target price on shares of Newmont Mining Corp. in a report on Tuesday, July 5th. Deutsche Bank AG reiterated a “buy” rating and issued a $44.00 target price (up previously from $38.00) on shares of Newmont Mining Corp. in a report on Wednesday, July 6th. Finally, HSBC reiterated a “buy” rating on shares of Newmont Mining Corp. in a report on Thursday, July 7th. Eight analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of C$37.47.
Newmont Mining Corp. (NYSE:NEM) opened at 40.77 on Wednesday. The firm has a 50-day moving average price of $41.71 and a 200-day moving average price of $35.83. Newmont Mining Corp. has a 12-month low of $15.56 and a 12-month high of $46.07. The company has a market cap of $21.63 billion, a P/E ratio of 550.95 and a beta of 0.22.
Newmont Mining Corp. (NYSE:NEM) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.14. Newmont Mining Corp. had a return on equity of 3.89% and a net margin of 0.51%. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the previous year, the company posted $0.26 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Newmont Mining Corp. will post $1.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend is Tuesday, September 13th. Newmont Mining Corp.’s payout ratio is 166.69%.
In related news, EVP Scott P. Lawson sold 4,700 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of C$40.35, for a total transaction 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 approximately C$1,868,003.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William N. Macgowan sold 8,135 shares of the company’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of C$44.95, for a total value of C$365,668.25. Following the transaction, the executive vice president now directly owns 98,779 shares in the company, valued at C$4,440,116.05. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 during the last quarter. Sullivan Bruyette Speros & Blaney Inc. purchased a new stake in Newmont Mining Corp. during the second quarter valued at $203,000. Pekin Singer Strauss Asset Management IL purchased a new stake in Newmont Mining Corp. during the second quarter valued at $217,000. Gyroscope Capital Management Group LLC purchased a new stake in Newmont Mining Corp. during the second quarter valued at $219,000. Finally, Boston Family Office LLC purchased a new stake in Newmont Mining Corp. during the second quarter valued at $227,000. 79.71% of the stock is currently owned by institutional investors.
About Newmont Mining Corp.
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.
To view Vetr’s full report, visit Vetr’s official website.
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