Newmont Mining Corp. (NEM) Stock Rating Upgraded by Zacks Investment Research
Newmont Mining Corp. (NYSE:NEM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The firm presently has a $44.00 target price on the stock.
According to Zacks, “Estimates for Newmont have been moving up of late. Newmont is making notable progress with its growth projects that are expected to boost its production performance. We are also impressed with its cost management initiatives and efforts to reduce debts. Moreover, the acquisition of CC&V represents a significant opportunity for the company. “
A number of other brokerages have also recently commented on NEM. Credit Suisse Group AG reiterated a “buy” rating on shares of Newmont Mining Corp. in a research note on Monday. BMO Capital Markets reiterated an “outperform” rating and issued a $45.00 price target on shares of Newmont Mining Corp. in a research note on Tuesday, July 5th. Vetr upgraded Newmont Mining Corp. from a “buy” rating to a “strong-buy” rating and set a $45.64 price target for the company in a research note on Monday, September 12th. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Newmont Mining Corp. in a research note on Monday, June 27th. Finally, Morgan Stanley assumed coverage on Newmont Mining Corp. in a research note on Tuesday, August 9th. They issued an “equal weight” rating and a $41.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of C$37.47.
Newmont Mining Corp. (NYSE:NEM) opened at 41.03 on Tuesday. The firm has a market capitalization of $21.77 billion, a PE ratio of 554.46 and a beta of 0.22. Newmont Mining Corp. has a 1-year low of $15.56 and a 1-year high of $46.07. The firm has a 50-day moving average price of $41.83 and a 200-day moving average price of $35.80.
Newmont Mining Corp. (NYSE:NEM) last released its 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. Newmont Mining Corp. had a return on equity of 3.89% and a net margin of 0.51%. The firm earned $2 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities analysts expect that Newmont Mining Corp. will post $1.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be paid a $0.025 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.10 annualized dividend and a dividend yield of 0.24%. Newmont Mining Corp.’s dividend payout ratio is presently 166.69%.
In other news, EVP E Randall Engel sold 8,700 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of C$42.55, for a total value of C$370,185.00. Following the completion of the sale, the executive vice president now directly owns 219,389 shares in the company, valued at approximately C$9,335,001.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Scott P. Lawson sold 4,700 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president now 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. 0.22% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Newmont Mining Corp. during the second quarter valued at $838,000. Kentucky Retirement Systems acquired a new position in shares of Newmont Mining Corp. during the second quarter valued at $1,765,000. Mason Street Advisors LLC acquired a new position in shares of Newmont Mining Corp. during the second quarter valued at $2,795,000. Cohen & Steers Inc. boosted its position in shares of Newmont Mining Corp. by 50.0% in the second quarter. Cohen & Steers Inc. now owns 67,274 shares of the company’s stock valued at $2,632,000 after buying an additional 22,411 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Newmont Mining Corp. by 19.9% in the second quarter. Public Employees Retirement System of Ohio now owns 211,122 shares of the company’s stock valued at $8,259,000 after buying an additional 35,002 shares during the last quarter. 79.71% of the stock is currently owned by institutional investors and hedge funds.
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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