Newmont Mining (NEM) Trading Up 7.1%
Newmont Mining Corp (NYSE:NEM) rose 7.1% during trading on Thursday . The company traded as high as $32.90 and last traded at $32.72. Approximately 12,403,171 shares changed hands during trading, an increase of 142% from the average daily volume of 5,123,494 shares. The stock had previously closed at $30.56.
NEM has been the subject of a number of research reports. ValuEngine raised Newmont Mining from a “hold” rating to a “buy” rating in a report on Friday, June 29th. Canaccord Genuity set a $40.00 target price on Newmont Mining and gave the stock a “hold” rating in a report on Tuesday, July 24th. Citigroup decreased their target price on Newmont Mining from $42.00 to $36.00 and set a “neutral” rating for the company in a report on Wednesday, August 29th. JPMorgan Chase & Co. decreased their price target on Newmont Mining from $47.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, September 17th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $46.00 price target on shares of Newmont Mining in a report on Friday, September 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $40.86.
The firm has a market cap of $16.11 billion, a PE ratio of 21.95 and a beta of 0.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.60 and a quick ratio of 3.95.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 27th. Shareholders of record on Thursday, September 13th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Wednesday, September 12th. Newmont Mining’s payout ratio is presently 38.36%.
In other news, CFO Nancy Buese sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $36.45, for a total transaction of $72,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Thomas Ronald Palmer sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $30.20, for a total value of $37,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,500 shares of company stock valued at $675,763. Corporate insiders own 0.36% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Hexavest Inc. raised its stake in shares of Newmont Mining by 11.5% during the 3rd quarter. Hexavest Inc. now owns 385,206 shares of the basic materials company’s stock worth $11,633,000 after buying an additional 39,778 shares during the period. DNB Asset Management AS raised its stake in shares of Newmont Mining by 72.7% during the 3rd quarter. DNB Asset Management AS now owns 128,527 shares of the basic materials company’s stock worth $3,882,000 after buying an additional 54,100 shares during the period. United Services Automobile Association raised its stake in shares of Newmont Mining by 7.8% during the 2nd quarter. United Services Automobile Association now owns 973,434 shares of the basic materials company’s stock worth $36,708,000 after buying an additional 70,200 shares during the period. Royal London Asset Management Ltd. acquired a new position in shares of Newmont Mining during the 2nd quarter worth approximately $8,910,000. Finally, Northern Trust Corp increased its position in shares of Newmont Mining by 5.6% during the second quarter. Northern Trust Corp now owns 8,472,011 shares of the basic materials company’s stock worth $319,480,000 after purchasing an additional 448,415 shares in the last quarter. 82.66% of the stock is owned by institutional investors and hedge funds.
Newmont Mining Company Profile (NYSE:NEM)
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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