$1.85 Billion in Sales Expected for Newmont Mining Corporation (NEM) This Quarter
Equities research analysts forecast that Newmont Mining Corporation (NYSE:NEM) will post sales of $1.85 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Newmont Mining Corporation’s earnings. The lowest sales estimate is $1.81 billion and the highest is $1.89 billion. Newmont Mining Corporation posted sales of $1.79 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.4%. The company is expected to issue its next quarterly earnings results before the market opens on Thursday, October 26th.
On average, analysts expect that Newmont Mining Corporation will report full-year sales of $1.85 billion for the current year, with estimates ranging from $7.05 billion to $7.34 billion. For the next fiscal year, analysts anticipate that the business will report sales of $7.09 billion per share, with estimates ranging from $6.94 billion to $7.28 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Newmont Mining Corporation.
Newmont Mining Corporation (NYSE:NEM) last issued its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.20. The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Newmont Mining Corporation had a positive return on equity of 6.67% and a negative net margin of 6.73%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share.
A number of research firms recently weighed in on NEM. BidaskClub raised Newmont Mining Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Zacks Investment Research cut Newmont Mining Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 10th. Raymond James Financial, Inc. began coverage on Newmont Mining Corporation in a report on Thursday, June 15th. They issued an “outperform” rating and a $43.00 price target for the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $40.00 price target on shares of Newmont Mining Corporation in a report on Tuesday, July 18th. Finally, Scotiabank raised Newmont Mining Corporation from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $43.00 to $43.50 in a report on Wednesday, July 5th. 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 company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $40.96.
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The firm also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Thursday, September 14th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.78%. The ex-dividend date was Wednesday, September 13th. This is a positive change from Newmont Mining Corporation’s previous quarterly dividend of $0.05. Newmont Mining Corporation’s dividend payout ratio is -33.33%.
In related news, insider Gary J. Goldberg sold 1,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $38.60, for a total value of $38,600.00. Following the transaction, the insider now owns 334,730 shares of the company’s stock, valued at $12,920,578. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William N. Macgowan sold 2,007 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $36.59, for a total value of $73,436.13. Following the completion of the transaction, the executive vice president now directly owns 127,178 shares in the company, valued at approximately $4,653,443.02. The disclosure for this sale can be found here. Insiders sold 29,707 shares of company stock worth $1,120,866 in the last three months. 0.32% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the business. Sentry Investment Management LLC grew its holdings in shares of Newmont Mining Corporation by 1.0% during the second quarter. Sentry Investment Management LLC now owns 41,329 shares of the basic materials company’s stock worth $1,339,000 after purchasing an additional 428 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Newmont Mining Corporation by 23.5% during the second quarter. Toronto Dominion Bank now owns 185,987 shares of the basic materials company’s stock worth $6,022,000 after purchasing an additional 35,342 shares during the last quarter. Afam Capital Inc. grew its holdings in shares of Newmont Mining Corporation by 0.6% during the second quarter. Afam Capital Inc. now owns 71,692 shares of the basic materials company’s stock worth $2,322,000 after purchasing an additional 419 shares during the last quarter. U S Global Investors Inc. grew its holdings in shares of Newmont Mining Corporation by 50.0% during the second quarter. U S Global Investors Inc. now owns 75,000 shares of the basic materials company’s stock worth $2,429,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Newmont Mining Corporation during the second quarter worth about $432,000. 81.07% of the stock is currently owned by institutional investors.
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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