Zacks: Brokerages Expect Newmont Mining Corporation (NEM) to Announce $0.29 EPS
Brokerages expect that Newmont Mining Corporation (NYSE:NEM) will post earnings of $0.29 per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Newmont Mining Corporation’s earnings, with estimates ranging from $0.25 to $0.35. Newmont Mining Corporation reported earnings per share of $0.51 during the same quarter last year, which suggests a negative year over year growth rate of 43.1%. The company is scheduled to announce its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Newmont Mining Corporation will report full year earnings of $1.25 per share for the current financial year, with EPS estimates ranging from $1.08 to $1.44. For the next year, analysts anticipate that the business will post earnings of $1.14 per share, with EPS estimates ranging from $0.72 to $1.80. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Newmont Mining Corporation.
Newmont Mining Corporation (NYSE:NEM) last issued its earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.20. Newmont Mining Corporation had a negative net margin of 6.73% and a positive return on equity of 6.67%. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The business’s revenue was up 12.3% on a year-over-year basis.
NEM has been the subject of a number of recent research reports. Royal Bank Of Canada set a $41.00 price target on shares of Newmont Mining Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. Credit Suisse Group set a $45.00 price target on shares of Newmont Mining Corporation and gave the stock a “buy” rating in a report on Tuesday, July 18th. Jefferies Group LLC reissued a “hold” rating and issued a $35.00 price target (down previously from $37.00) on shares of Newmont Mining Corporation in a report on Friday, July 14th. Zacks Investment Research raised shares of Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Monday, July 31st. Finally, Scotiabank lifted their target price on shares of Newmont Mining Corporation from $43.50 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $40.96.
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In related news, insider Gary J. Goldberg sold 1,000 shares of the firm’s stock in a transaction dated 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 directly owns 334,730 shares in the company, valued at approximately $10,644,414. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Thomas Ronald Palmer sold 1,250 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $31.80, for a total value of $39,750.00. Following the sale, the chief operating officer now owns 91,862 shares in the company, valued at $2,921,211.60. The disclosure for this sale can be found here. Insiders sold a total of 22,907 shares of company stock worth $803,461 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its holdings in shares of Newmont Mining Corporation by 23.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 67,558 shares of the basic materials company’s stock valued at $2,228,000 after buying an additional 12,979 shares during the period. Sprott Inc. raised its holdings in shares of Newmont Mining Corporation by 32.9% during the 1st quarter. Sprott Inc. now owns 533,078 shares of the basic materials company’s stock valued at $17,570,000 after buying an additional 131,897 shares during the period. Vanguard Group Inc. raised its holdings in shares of Newmont Mining Corporation by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 52,924,916 shares of the basic materials company’s stock valued at $1,744,405,000 after buying an additional 1,671,897 shares during the period. Cypress Capital Group purchased a new stake in shares of Newmont Mining Corporation during the 1st quarter valued at about $335,000. Finally, Xact Kapitalforvaltning AB raised its holdings in shares of Newmont Mining Corporation by 5.6% during the 1st quarter. Xact Kapitalforvaltning AB now owns 40,834 shares of the basic materials company’s stock valued at $1,346,000 after buying an additional 2,164 shares during the period. Institutional investors and hedge funds own 81.08% of the company’s stock.
Newmont Mining Corporation (NYSE NEM) traded up 0.83% on Monday, hitting $38.66. 3,958,502 shares of the stock traded hands. Newmont Mining Corporation has a 12 month low of $30.19 and a 12 month high of $42.69. The company’s market capitalization is $20.62 billion. The firm has a 50-day moving average price of $36.20 and a 200-day moving average price of $34.39.
The company also recently disclosed 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. This represents a $0.30 annualized dividend and a dividend yield of 0.78%. The ex-dividend date is Wednesday, September 13th. Newmont Mining Corporation’s payout ratio is currently -22.22%.
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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