Newmont Mining Corp. (NEM) Stock Price Down 1.9%
Newmont Mining Corp. (NYSE:NEM) shares dropped 1.9% during mid-day trading on Wednesday . The company traded as low as $44.71 and last traded at $45.01, with a volume of 3,754,858 shares trading hands. The stock had previously closed at $45.86.
NEM has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their price objective on Newmont Mining Corp. from $25.00 to $34.00 in a research note on Tuesday, April 12th. CIBC boosted their price objective on Newmont Mining Corp. from $28.50 to $34.00 in a research note on Friday, April 8th. Vetr downgraded Newmont Mining Corp. from a “strong-buy” rating to a “buy” rating and set a $38.21 price objective on the stock. in a research note on Monday, May 9th. Jefferies Group reaffirmed a “buy” rating on shares of Newmont Mining Corp. in a research note on Thursday, April 28th. Finally, Zacks Investment Research raised Newmont Mining Corp. from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, April 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of C$35.05.
The company has a market cap of $23.89 billion and a PE ratio of 608.38. The stock has a 50 day moving average of $39.89 and a 200-day moving average of $31.24.
Newmont Mining Corp. (NYSE:NEM) last released its earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.14. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the business posted $0.26 earnings per share. Newmont Mining Corp.’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts forecast that Newmont Mining Corp. will post $1.72 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued a $0.025 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.10 dividend on an annualized basis and a yield of 0.22%.
In related 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 value of C$370,185.00. Following the completion of the transaction, 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 available through this hyperlink. Also, EVP Stephen P. Gottesfeld sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of C$41.59, for a total transaction of C$415,900.00. Following the completion of the transaction, the executive vice president now owns 122,857 shares of the company’s stock, valued at C$5,109,622.63. The disclosure for this sale can be found here.
A number of institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its position in shares of Newmont Mining Corp. by 5.8% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 69,933 shares of the company’s stock worth $1,258,000 after buying an additional 3,831 shares during the last quarter. Gulf International Bank UK Ltd raised its position in shares of Newmont Mining Corp. by 5.0% in the fourth quarter. Gulf International Bank UK Ltd now owns 147,718 shares of the company’s stock worth $2,657,000 after buying an additional 6,970 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. raised its position in shares of Newmont Mining Corp. by 7.8% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 832,267 shares of the company’s stock worth $14,789,000 after buying an additional 60,177 shares during the last quarter. Levin Capital Strategies L.P. purchased a new position in shares of Newmont Mining Corp. during the fourth quarter worth $4,030,000. Finally, BlackRock Advisors LLC raised its position in shares of Newmont Mining Corp. by 18.2% in the fourth quarter. BlackRock Advisors LLC now owns 746,816 shares of the company’s stock worth $13,435,000 after buying an additional 115,197 shares during the last quarter.
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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