Investors Buy Shares of Newmont Mining Corporation (NEM) on Weakness

Traders purchased shares of Newmont Mining Corporation (NYSE:NEM) on weakness during trading on Wednesday. $64.70 million flowed into the stock on the tick-up and $26.05 million flowed out of the stock on the tick-down, for a money net flow of $38.65 million into the stock. Of all equities tracked, Newmont Mining Corporation had the 21st highest net in-flow for the day. Newmont Mining Corporation traded down ($0.46) for the day and closed at $37.63

NEM has been the subject of a number of recent research reports. Royal Bank Of Canada reissued a “hold” rating and set a $39.00 price target on shares of Newmont Mining Corporation in a research note on Tuesday, May 30th. Credit Suisse Group reissued a “buy” rating and set a $47.00 price target on shares of Newmont Mining Corporation in a research note on Wednesday, June 14th. Raymond James Financial, Inc. initiated coverage on Newmont Mining Corporation in a research note on Thursday, June 15th. They set an “outperform” rating and a $43.00 price target for the company. BidaskClub lowered Newmont Mining Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $42.00 price target (down from $44.00) on shares of Newmont Mining Corporation in a research note on Sunday, June 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Newmont Mining Corporation currently has an average rating of “Buy” and an average target price of $40.96.

The stock’s market cap is $20.07 billion. The firm’s 50 day moving average is $37.28 and its 200-day moving average is $34.58.

Newmont Mining Corporation (NYSE:NEM) last posted its quarterly 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. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.77 billion. Newmont Mining Corporation had a negative net margin of 6.73% and a positive return on equity of 6.67%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. Analysts forecast that Newmont Mining Corporation will post $1.36 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th will be given a dividend of $0.075 per share. 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 0.80%. The ex-dividend date of this dividend is Wednesday, September 13th. Newmont Mining Corporation’s payout ratio is -33.33%.

In other Newmont Mining Corporation news, insider Gary J. Goldberg sold 1,000 shares of the business’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 $31,800.00. Following the completion of the transaction, the insider now directly owns 334,730 shares of the company’s stock, valued at $10,644,414. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Thomas Ronald Palmer sold 1,250 shares of the business’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 $39,750.00. Following the completion of the transaction, the chief operating officer now directly owns 91,862 shares of the company’s stock, valued at $2,921,211.60. The disclosure for this sale can be found here. Insiders have sold a total of 14,457 shares of company stock valued at $526,861 over the last three months. 0.32% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Sentry Investment Management LLC grew its position in shares of Newmont Mining Corporation by 1.0% during the 2nd quarter. Sentry Investment Management LLC now owns 41,329 shares of the basic materials company’s stock worth $1,339,000 after buying an additional 428 shares during the period. Toronto Dominion Bank grew its position in shares of Newmont Mining Corporation by 23.5% during the 2nd quarter. Toronto Dominion Bank now owns 185,987 shares of the basic materials company’s stock worth $6,022,000 after buying an additional 35,342 shares during the period. Afam Capital Inc. grew its position in shares of Newmont Mining Corporation by 0.6% during the 2nd quarter. Afam Capital Inc. now owns 71,692 shares of the basic materials company’s stock worth $2,322,000 after buying an additional 419 shares during the period. U S Global Investors Inc. grew its position in shares of Newmont Mining Corporation by 50.0% during the 2nd quarter. U S Global Investors Inc. now owns 75,000 shares of the basic materials company’s stock worth $2,429,000 after buying an additional 25,000 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Newmont Mining Corporation during the 2nd quarter worth approximately $432,000. 81.08% of the stock is owned by institutional investors.

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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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