Investors Buy Newmont Mining Corp. (NEM) on Weakness
Investors bought shares of Newmont Mining Corp. (NYSE:NEM) on weakness during trading hours on Thursday. $41.34 million flowed into the stock on the tick-up and $29.33 million flowed out of the stock on the tick-down, for a money net flow of $12.01 million into the stock. Of all equities tracked, Newmont Mining Corp. had the 9th highest net in-flow for the day. Newmont Mining Corp. traded down ($0.14) for the day and closed at $45.43
A number of brokerages have recently commented on NEM. Morgan Stanley began coverage on Newmont Mining Corp. in a report on Tuesday. They set an “equal weight” rating and a $41.00 price target on the stock. Barclays PLC lifted their target price on Newmont Mining Corp. from $38.00 to $45.00 and gave the stock an “equal weight” rating in a report on Monday. Citigroup Inc. started coverage on Newmont Mining Corp. in a report on Tuesday, August 2nd. They set a “buy” rating and a $44.00 target price on the stock. Deutsche Bank AG reaffirmed a “buy” rating and set a $44.00 target price (up from $38.00) on shares of Newmont Mining Corp. in a report on Wednesday, July 6th. Finally, HSBC reaffirmed a “buy” rating on shares of Newmont Mining Corp. in a report on Thursday, July 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of C$36.11.
The company has a 50-day moving average price of $41.51 and a 200-day moving average price of $32.24. The firm has a market cap of $24.10 billion and a P/E ratio of 613.92.
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, beating the Zacks’ consensus estimate of $0.30 by $0.14. The business earned $2 billion during the quarter, compared to analyst estimates of $1.94 billion. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 earnings per share. On average, equities research analysts expect that Newmont Mining Corp. will post $1.77 EPS for the current year.
The firm also recently disclosed 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. The ex-dividend date is Tuesday, September 13th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.22%.
In other news, EVP Stephen P. Gottesfeld sold 10,000 shares of the 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 transaction, the executive vice president now owns 122,857 shares in the company, valued at C$5,109,622.63. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William N. Macgowan sold 8,135 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was 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 owns 98,779 shares in the company, valued at approximately C$4,440,116.05. The disclosure for this sale can be found here.
A number of institutional investors recently bought and sold shares of the company. Bridgewater Associates LP raised its position in Newmont Mining Corp. by 53.1% in the fourth quarter. Bridgewater Associates LP now owns 957,569 shares of the company’s stock worth $17,227,000 after buying an additional 332,295 shares during the period. Dimensional Fund Advisors LP raised its position in Newmont Mining Corp. by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,109,241 shares of the company’s stock worth $91,905,000 after buying an additional 135,768 shares during the period. BlackRock Advisors LLC raised its position in 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 period. I.G. Investment Management LTD. raised its position in Newmont Mining Corp. by 84.1% in the fourth quarter. I.G. Investment Management LTD. now owns 248,302 shares of the company’s stock worth $4,467,000 after buying an additional 113,402 shares during the period. Finally, Principal Financial Group Inc. raised its position in Newmont Mining Corp. by 4.8% in the fourth quarter. Principal Financial Group Inc. now owns 775,497 shares of the company’s stock worth $13,952,000 after buying an additional 35,846 shares during the period.
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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