Newmont Mining Corporation (NYSE:NEM) Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Newmont Mining Corporation (NYSE:NEM) from a buy rating to a hold rating in a research report report published on Friday morning.
According to Zacks, “Newmont’s revenues and adjusted earnings for second-quarter 2017 beat the respective Zacks Consensus Estimate. The company saw higher gold production in the quarter. Newmont’s shares have outperformed the industry it belongs to in the past three months. Newmont continues to invest in growth projects that are expected to boost its production performance. It also remains committed to de-lever its balance sheet. Moreover, the acquisition of CC&V represents a significant opportunity for the company. Improved operational efficiency is also allowing it to generate positive free cash flow. However, Newmont is exposed to a volatile gold price environment. Oversupply in the market also poses a threat on copper prices. The company's falling gold reserve base is another concern. “
A number of other research firms also recently weighed in on NEM. Argus upgraded Newmont Mining Corporation from a hold rating to a buy rating and set a $43.00 price target for the company in a research note on Thursday, July 27th. BidaskClub upgraded Newmont Mining Corporation from a sell rating to a hold rating in a research note on Thursday. Scotiabank raised their price target on Newmont Mining Corporation from $43.50 to $55.00 and gave the company an outperform rating in a research note on Wednesday, July 26th. TD Securities raised their price target on Newmont Mining Corporation from $36.00 to $50.00 and gave the company a hold rating in a research note on Wednesday, July 26th. Finally, Credit Suisse Group restated a buy rating and issued a $47.00 price target on shares of Newmont Mining Corporation in a research note on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average price target of $41.73.
Newmont Mining Corporation (NYSE NEM) traded down 1.20% during midday trading on Friday, reaching $36.15. The company had a trading volume of 4,072,469 shares. The company’s market cap is $19.28 billion. Newmont Mining Corporation has a 52-week low of $30.19 and a 52-week high of $46.07. The company’s 50-day moving average is $33.80 and its 200 day moving average is $34.24.
Newmont Mining Corporation (NYSE:NEM) last posted its quarterly earnings data on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.20. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.77 billion. Newmont Mining Corporation had a positive return on equity of 6.67% and a negative net margin of 6.73%. Newmont Mining Corporation’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the company earned $0.44 earnings per share. On average, equities research analysts forecast that Newmont Mining Corporation will post $1.38 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th will be paid a $0.075 dividend. This is a positive change from Newmont Mining Corporation’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 0.83%. Newmont Mining Corporation’s dividend payout ratio (DPR) is presently -22.22%.
In related news, insider Gary J. Goldberg sold 1,000 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $31.80, for a total transaction of $31,800.00. Following the sale, the insider now owns 334,730 shares in the company, valued at approximately $10,644,414. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott P. Lawson sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $32.79, for a total value of $163,950.00. Following the sale, the executive vice president now owns 56,696 shares in the company, valued at approximately $1,859,061.84. The disclosure for this sale can be found here. Insiders have sold a total of 22,907 shares of company stock worth $803,461 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of NEM. Advisory Services Network LLC purchased a new stake in shares of Newmont Mining Corporation during the first quarter worth $118,000. Smith Affiliated Capital Corp. raised its stake in shares of Newmont Mining Corporation by 8.6% in the second quarter. Smith Affiliated Capital Corp. now owns 3,800 shares of the basic materials company’s stock worth $123,000 after buying an additional 300 shares in the last quarter. WFG Advisors LP raised its stake in shares of Newmont Mining Corporation by 83.5% in the first quarter. WFG Advisors LP now owns 3,748 shares of the basic materials company’s stock worth $124,000 after buying an additional 1,706 shares in the last quarter. Acrospire Investment Management LLC raised its stake in shares of Newmont Mining Corporation by 88.5% in the first quarter. Acrospire Investment Management LLC now owns 4,900 shares of the basic materials company’s stock worth $162,000 after buying an additional 2,300 shares in the last quarter. Finally, Private Capital Advisors Inc. purchased a new stake in shares of Newmont Mining Corporation during the first quarter worth $202,000. Institutional investors and hedge funds own 81.41% of the company’s stock.
About Newmont Mining Corporation
Newmont Mining Corporation is a 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, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.
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