Newmont Mining Corporation (NYSE:NEM) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $37.90, but opened at $36.24. Newmont Mining Corporation shares last traded at $36.69, with a volume of 2,530,253 shares trading hands.
The basic materials company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ 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 company 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 company earned $0.44 EPS. Newmont Mining Corporation’s quarterly revenue was up 12.3% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.83%. The ex-dividend date is Wednesday, September 13th. This is an increase from Newmont Mining Corporation’s previous quarterly dividend of $0.05. Newmont Mining Corporation’s dividend payout ratio is -22.22%.
Several equities analysts recently weighed in on NEM shares. Deutsche Bank AG reiterated a “buy” rating and issued a $42.00 price target (down previously from $44.00) on shares of Newmont Mining Corporation in a report on Sunday, June 25th. BMO Capital Markets upped their price objective on Newmont Mining Corporation to $54.00 and gave the stock a “buy” rating in a research report on Thursday, May 11th. Credit Suisse Group restated a “buy” rating on shares of Newmont Mining Corporation in a research report on Thursday, April 27th. Argus upgraded Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Thursday, July 27th. Finally, Zacks Investment Research upgraded Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Monday, July 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $41.73.
In other Newmont Mining Corporation news, COO Thomas Ronald Palmer sold 1,250 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $31.80, for a total value of $39,750.00. Following the transaction, the chief operating officer now owns 91,862 shares in the company, valued at approximately $2,921,211.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gary J. Goldberg sold 1,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $31.80, for a total value of $31,800.00. Following the completion of the transaction, the insider now owns 334,730 shares in the company, valued at approximately $10,644,414. The disclosure for this sale can be found here. Insiders sold a total of 22,907 shares of company stock worth $803,461 in the last 90 days. 0.32% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning increased its stake in shares of Newmont Mining Corporation by 6.8% in the first quarter. Creative Planning now owns 7,163 shares of the basic materials company’s stock worth $236,000 after buying an additional 453 shares during the period. National Pension Service increased its stake in shares of Newmont Mining Corporation by 5.4% in the first quarter. National Pension Service now owns 480,105 shares of the basic materials company’s stock worth $15,810,000 after buying an additional 24,498 shares during the period. DnB Asset Management AS increased its stake in shares of Newmont Mining Corporation by 20.3% in the first quarter. DnB Asset Management AS now owns 64,527 shares of the basic materials company’s stock worth $2,127,000 after buying an additional 10,900 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Newmont Mining Corporation by 114.0% in the first quarter. Nisa Investment Advisors LLC now owns 181,687 shares of the basic materials company’s stock worth $5,988,000 after buying an additional 96,768 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Newmont Mining Corporation during the first quarter worth about $1,446,000. Institutional investors own 82.18% of the company’s stock.
The stock has a 50 day moving average price of $34.55 and a 200 day moving average price of $34.31. The company’s market capitalization is $19.09 billion.
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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