Newmont Mining Corp. (NEM) Rating Increased to Strong-Buy at 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 brokerage presently has a $44.00 price objective on the stock.
According to Zacks, “Newmont continues to invest in growth projects that are expected to boost its production performance. The company is also making significant progress with its cost and efficiency improvement programs. Successful cost reductions are allowing the company to generate positive free cash flow. Newmont also remains committed to de-lever its balance sheet. Moreover, the acquisition of CC&V represents a significant opportunity for the company.”
Other research analysts have also issued reports about the stock. Vetr raised shares of Newmont Mining Corp. from a “hold” rating to a “buy” rating and set a $36.33 target price for the company in a research note on Tuesday, June 21st. Morgan Stanley began coverage on shares of Newmont Mining Corp. in a research note on Tuesday, August 9th. They set an “equal weight” rating and a $41.00 target price for the company. HSBC reissued a “buy” rating on shares of Newmont Mining Corp. in a research note on Thursday, July 7th. Argus reissued a “hold” rating on shares of Newmont Mining Corp. in a research note on Wednesday, July 27th. Finally, Citigroup Inc. began coverage on shares of Newmont Mining Corp. in a research note on Tuesday, August 2nd. They set a “buy” rating and a $44.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of C$37.47.
Shares of Newmont Mining Corp. (NYSE:NEM) opened at 34.59 on Tuesday. Newmont Mining Corp. has a 12 month low of $16.05 and a 12 month high of $46.07. The company’s 50-day moving average is $39.92 and its 200-day moving average is $36.62. The firm has a market cap of $18.35 billion, a price-to-earnings ratio of 467.43 and a beta of 0.25.
Newmont Mining Corp. (NYSE:NEM) last posted its 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. The firm earned $2 billion during the quarter, compared to analyst estimates of $1.94 billion. Newmont Mining Corp. had a net margin of 0.51% and a return on equity of 3.89%. Newmont Mining Corp.’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 EPS. 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 disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend was Tuesday, September 13th. Newmont Mining Corp.’s payout ratio is presently 166.69%.
In related news, EVP William N. Macgowan sold 8,135 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of C$44.95, for a total transaction of C$365,668.25. Following the transaction, the executive vice president now directly owns 98,779 shares of the company’s stock, valued at C$4,440,116.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the executive vice president now directly owns 219,389 shares in the company, valued at C$9,335,001.95. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its position in shares of Newmont Mining Corp. by 15.4% in the third quarter. BNP Paribas Arbitrage SA now owns 530,771 shares of the company’s stock worth $20,854,000 after buying an additional 70,678 shares during the last quarter. LVM Capital Management Ltd. MI acquired a new stake in Newmont Mining Corp. during the third quarter valued at approximately $1,553,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Newmont Mining Corp. during the second quarter valued at approximately $838,000. Kentucky Retirement Systems acquired a new stake in Newmont Mining Corp. during the second quarter valued at approximately $1,765,000. Finally, Mason Street Advisors LLC acquired a new stake in Newmont Mining Corp. during the second quarter valued at approximately $2,795,000. 79.71% of the stock is currently owned by hedge funds and other 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Newmont Mining Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newmont Mining Corp. and related companies with MarketBeat.com's FREE daily email newsletter.