Newmont Mining Corp. (NEM) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Estimates for Newmont have been stable of late. Newmont is making notable progress with its growth projects that are expected to boost its production performance. We are also impressed with its cost management initiatives and efforts to reduce debts. Moreover, the acquisition of CC&V represents a significant opportunity for the company. However, Newmont is exposed to a volatile price environment and challenges in the copper market. Oversupply in the market poses a threat on copper prices. Moreover, the decision to divest stake in Indonesian assets could affect the company's production and bottom line in 2016. The company's production may also be affected by lower grades across specific mines and geopolitical issues. “
NEM has been the topic of several other research reports. Vetr raised Newmont Mining Corp. from a buy rating to a strong-buy rating and set a $47.47 price target on the stock in a research note on Wednesday, August 24th. Barclays PLC lifted their price objective on Newmont Mining Corp. from $38.00 to $45.00 and gave the stock an equal weight rating in a research report on Monday, August 8th. Deutsche Bank AG restated a buy rating and set a $44.00 price objective (up from $38.00) on shares of Newmont Mining Corp. in a research report on Wednesday, July 6th. BMO Capital Markets restated an outperform rating and set a $45.00 price objective on shares of Newmont Mining Corp. in a research report on Tuesday, July 5th. Finally, FBR & Co lifted their price objective on Newmont Mining Corp. from $31.00 to $39.00 and gave the stock a market perform rating in a research report on Wednesday, July 20th. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of C$37.47.
Newmont Mining Corp. (NYSE:NEM) opened at 36.37 on Monday. The stock has a market capitalization of $19.30 billion, a price-to-earnings ratio of 491.49 and a beta of 0.25. Newmont Mining Corp. has a 52-week low of $16.05 and a 52-week high of $46.07. The stock’s 50 day moving average price is $40.50 and its 200 day moving average price is $36.59.
Newmont Mining Corp. (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.14. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.94 billion. Newmont Mining Corp. had a return on equity of 3.89% and a net margin of 0.51%. The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 EPS. On average, analysts forecast that Newmont Mining Corp. will post $1.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th were paid a $0.025 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.10 annualized dividend and a dividend yield of 0.26%. Newmont Mining Corp.’s payout ratio is currently 166.69%.
In other Newmont Mining Corp. news, EVP Scott P. Lawson sold 4,700 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of C$40.35, for a total value of C$189,645.00. Following the sale, the executive vice president now owns 46,295 shares in the company, valued at C$1,868,003.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP E Randall Engel sold 8,700 shares of the firm’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 transaction of C$370,185.00. Following the completion of the sale, the executive vice president now owns 219,389 shares in the company, valued at approximately C$9,335,001.95. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in NEM. Smith Affiliated Capital Corp. raised its stake in shares of Newmont Mining Corp. by 194.1% in the second quarter. Smith Affiliated Capital Corp. now owns 5,000 shares of the company’s stock valued at $196,000 after buying an additional 3,300 shares during the last quarter. Sullivan Bruyette Speros & Blaney Inc. purchased a new stake in shares of Newmont Mining Corp. during the second quarter valued at approximately $203,000. Pekin Singer Strauss Asset Management IL purchased a new stake in shares of Newmont Mining Corp. during the second quarter valued at approximately $217,000. Gyroscope Capital Management Group LLC purchased a new stake in shares of Newmont Mining Corp. during the second quarter valued at approximately $219,000. Finally, Boston Family Office LLC purchased a new stake in shares of Newmont Mining Corp. during the second quarter valued at approximately $227,000. Institutional investors own 79.71% of the company’s stock.
Newmont Mining Corp. Company Profile
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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