Newmont Mining (NEM) Shares Gap Down to $34.79

Newmont Mining Corp (NYSE:NEM) gapped down before the market opened on Wednesday . The stock had previously closed at $34.41, but opened at $34.79. Newmont Mining shares last traded at $34.40, with a volume of 5673171 shares traded.

A number of research firms have recently commented on NEM. Royal Bank of Canada dropped their price target on Newmont Mining to $39.00 and set an “underperform” rating on the stock in a research report on Monday, April 8th. Deutsche Bank restated a “hold” rating and issued a $36.00 price target (up from $35.00) on shares of Newmont Mining in a research note on Wednesday, April 10th. Jefferies Financial Group restated a “hold” rating and issued a $33.00 price target on shares of Newmont Mining in a research note on Friday, February 22nd. TheStreet upgraded Newmont Mining from a “c” rating to a “b-” rating in a research note on Thursday, February 21st. Finally, Desjardins restated a “buy” rating and issued a $43.00 price target on shares of Newmont Mining in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $40.49.

The company has a current ratio of 2.95, a quick ratio of 2.60 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $18.53 billion, a price-to-earnings ratio of 25.28 and a beta of 0.01.

Newmont Mining (NYSE:NEM) last released its quarterly earnings data on Thursday, February 21st. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.17. Newmont Mining had a net margin of 4.70% and a return on equity of 6.19%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the firm earned $0.39 earnings per share. The company’s quarterly revenue was up 5.8% on a year-over-year basis. On average, analysts anticipate that Newmont Mining Corp will post 1.34 EPS for the current year.

The company also recently announced a special dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 17th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 16th. This represents a yield of 1.57%. Newmont Mining’s payout ratio is 41.48%.

In related news, CEO Gary J. Goldberg sold 4,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $35.85, for a total transaction of $143,400.00. Following the completion of the transaction, the chief executive officer now owns 129,680 shares of the company’s stock, valued at $4,649,028. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP E Randall Engel sold 17,100 shares of the firm’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $37.14, for a total transaction of $635,094.00. Following the transaction, the executive vice president now directly owns 236,847 shares of the company’s stock, valued at approximately $8,796,497.58. The disclosure for this sale can be found here. Insiders have sold 40,850 shares of company stock valued at $1,469,194 in the last three months. 0.36% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Newmont Mining by 9.2% during the fourth quarter. BlackRock Inc. now owns 79,175,130 shares of the basic materials company’s stock valued at $2,743,419,000 after purchasing an additional 6,689,349 shares during the period. Vanguard Group Inc grew its stake in shares of Newmont Mining by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 57,312,640 shares of the basic materials company’s stock valued at $1,730,842,000 after buying an additional 620,141 shares in the last quarter. Flossbach Von Storch AG grew its stake in shares of Newmont Mining by 4.8% in the 4th quarter. Flossbach Von Storch AG now owns 14,181,862 shares of the basic materials company’s stock valued at $491,402,000 after buying an additional 652,400 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Newmont Mining by 10.4% in the 4th quarter. Bank of New York Mellon Corp now owns 8,602,670 shares of the basic materials company’s stock valued at $298,082,000 after buying an additional 812,109 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Newmont Mining by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 8,229,613 shares of the basic materials company’s stock valued at $284,738,000 after buying an additional 60,289 shares in the last quarter. 86.87% of the stock is owned by hedge funds and other institutional investors.

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About Newmont Mining (NYSE:NEM)

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.

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