Newmont Mining Corp. (NEM) Upgraded to “Buy” at Bank of America Corp.
Several other brokerages have also issued reports on NEM. FBR & Co lowered their price target on Newmont Mining Corp. from $40.00 to $39.00 and set a market perform rating on the stock in a research note on Thursday, November 10th. Zacks Investment Research lowered Newmont Mining Corp. from a buy rating to a hold rating in a research note on Friday, November 4th. JPMorgan Chase & Co. upgraded Newmont Mining Corp. from a neutral rating to an overweight rating and set a $43.00 price target on the stock in a research note on Thursday, November 3rd. Mackie upgraded Newmont Mining Corp. from a hold rating to a buy rating in a research note on Monday, October 31st. Finally, Citigroup Inc. restated a buy rating on shares of Newmont Mining Corp. in a research note on Monday, October 17th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Newmont Mining Corp. currently has an average rating of Buy and an average price target of $38.65.
Shares of Newmont Mining Corp. (NYSE:NEM) opened at 33.45 on Monday. Newmont Mining Corp. has a 52 week low of $16.05 and a 52 week high of $46.07. The company’s market cap is $17.75 billion. The firm’s 50-day moving average price is $34.98 and its 200 day moving average price is $37.97.
Newmont Mining Corp. (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by $0.12. The business earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. Newmont Mining Corp. had a positive return on equity of 4.94% and a negative net margin of 6.99%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share. On average, equities analysts predict that Newmont Mining Corp. will post $1.72 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be given a dividend of $0.05 per share. This is a boost from Newmont Mining Corp.’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, December 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.60%. Newmont Mining Corp.’s payout ratio is presently -9.71%.
In other Newmont Mining Corp. news, EVP Scott P. Lawson sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $35.99, for a total transaction of $53,985.00. Following the completion of the sale, the executive vice president now owns 44,795 shares in the company, valued at approximately $1,612,172.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William N. Macgowan sold 2,006 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $37.53, for a total transaction of $75,285.18. Following the sale, the executive vice president now owns 96,773 shares of the company’s stock, valued at approximately $3,631,890.69. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Newmont Mining Corp. by 2.8% in the second quarter. Vanguard Group Inc. now owns 48,215,985 shares of the company’s stock valued at $1,886,209,000 after buying an additional 1,294,310 shares during the last quarter. Van ECK Associates Corp boosted its stake in Newmont Mining Corp. by 42.4% in the second quarter. Van ECK Associates Corp now owns 27,440,471 shares of the company’s stock worth $1,073,471,000 after buying an additional 8,174,021 shares in the last quarter. BlackRock Group LTD boosted its stake in Newmont Mining Corp. by 24.5% in the second quarter. BlackRock Group LTD now owns 26,495,175 shares of the company’s stock worth $1,036,490,000 after buying an additional 5,210,011 shares in the last quarter. Carmignac Gestion boosted its stake in Newmont Mining Corp. by 3.0% in the third quarter. Carmignac Gestion now owns 13,476,198 shares of the company’s stock worth $529,480,000 after buying an additional 396,300 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Newmont Mining Corp. by 2.2% in the third quarter. Northern Trust Corp now owns 7,559,089 shares of the company’s stock worth $296,997,000 after buying an additional 162,388 shares in the last quarter. Institutional investors own 79.70% of the company’s stock.
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.
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