Jefferies Group Analysts Increase Earnings Estimates for Newmont Mining Corp. (NEM)
Newmont Mining Corp. (NYSE:NEM) – Stock analysts at Jefferies Group boosted their FY2017 earnings per share estimates for shares of Newmont Mining Corp. in a research note issued to investors on Friday. Jefferies Group analyst C. Lafemina now expects that the brokerage will post earnings per share of $1.88 for the year, up from their prior forecast of $1.87. Jefferies Group currently has a “Hold” rating and a $42.00 target price on the stock.
A number of other brokerages have also commented on NEM. Credit Suisse Group AG reiterated a “buy” rating on shares of Newmont Mining Corp. in a research note on Monday, September 19th. BMO Capital Markets reiterated an “outperform” rating and issued a $45.00 price target on shares of Newmont Mining Corp. in a research note on Tuesday, July 5th. Vetr upgraded shares of Newmont Mining Corp. from a “buy” rating to a “strong-buy” rating and set a $45.64 price target for the company in a research note on Monday, September 12th. Barclays PLC reiterated a “buy” rating and issued a $45.00 price target on shares of Newmont Mining Corp. in a research note on Monday. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Newmont Mining Corp. in a research note on Monday, June 27th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Newmont Mining Corp. presently has an average rating of “Buy” and an average target price of C$37.47.
Shares of Newmont Mining Corp. (NYSE:NEM) opened at 34.23 on Monday. The stock has a market cap of $18.16 billion, a PE ratio of 462.57 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 is $38.22 and its 200 day moving average is $36.87.
Newmont Mining Corp. (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.14. The firm had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Newmont Mining Corp. had a net margin of 0.51% and a return on equity of 3.89%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the company posted $0.26 EPS.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th were given a $0.025 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.29%. Newmont Mining Corp.’s payout ratio is currently 166.69%.
In other news, EVP William N. Macgowan sold 8,135 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were 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 of the company’s stock, valued at C$4,440,116.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephen P. Gottesfeld sold 10,000 shares of the business’s stock in a transaction 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 directly owns 122,857 shares in the company, valued at approximately C$5,109,622.63. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in NEM. Van ECK Associates Corp increased its position in Newmont Mining Corp. by 42.4% in the second quarter. Van ECK Associates Corp now owns 27,440,471 shares of the company’s stock valued at $1,073,471,000 after buying an additional 8,174,021 shares during the period. BlackRock Group LTD increased its position in Newmont Mining Corp. by 24.5% in the second quarter. BlackRock Group LTD now owns 26,495,175 shares of the company’s stock valued at $1,036,490,000 after buying an additional 5,210,011 shares during the period. Cohen & Steers Inc. increased its position in Newmont Mining Corp. by 9,440.1% in the second quarter. Cohen & Steers Inc. now owns 4,279,959 shares of the company’s stock valued at $80,121,000 after buying an additional 4,235,096 shares during the period. Orbis Allan Gray Ltd bought a new position in Newmont Mining Corp. during the first quarter valued at approximately $86,842,000. Finally, Westpac Banking Corp increased its position in Newmont Mining Corp. by 7,573.3% in the second quarter. Westpac Banking Corp now owns 2,740,426 shares of the company’s stock valued at $107,205,000 after buying an additional 2,704,712 shares during the period. 79.78% of the stock is currently owned by hedge funds and other institutional investors.
About Newmont Mining Corp.
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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