Investors Buy Newmont Mining (NEM) on Weakness

Investors bought shares of Newmont Mining Co. (NYSE:NEM) on weakness during trading hours on Thursday. $49.52 million flowed into the stock on the tick-up and $31.13 million flowed out of the stock on the tick-down, for a money net flow of $18.39 million into the stock. Of all equities tracked, Newmont Mining had the 25th highest net in-flow for the day. Newmont Mining traded down ($0.24) for the day and closed at $40.40

A number of brokerages recently weighed in on NEM. Deutsche Bank cut shares of Newmont Mining from a “buy” rating to a “hold” rating and cut their price objective for the company from $42.00 to $40.00 in a research note on Tuesday, January 16th. Scotiabank set a $48.00 price target on shares of Newmont Mining and gave the stock a “buy” rating in a research report on Monday, January 15th. Zacks Investment Research cut shares of Newmont Mining from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 19th. Bank of America boosted their price target on shares of Newmont Mining from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Finally, Royal Bank of Canada reiterated a “sell” rating and issued a $44.00 price target on shares of Newmont Mining in a research report on Wednesday, April 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Newmont Mining presently has a consensus rating of “Hold” and an average price target of $42.93.

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The company has a market capitalization of $21,056.25, a price-to-earnings ratio of 27.67 and a beta of 0.25. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.63 and a quick ratio of 3.14.

Newmont Mining (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.40 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.40. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Newmont Mining had a positive return on equity of 6.52% and a negative net margin of 1.33%. Newmont Mining’s revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. sell-side analysts anticipate that Newmont Mining Co. will post 1.43 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Investors of record on Thursday, March 8th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, March 7th. This represents a $0.56 dividend on an annualized basis and a yield of 1.39%. This is a boost from Newmont Mining’s previous quarterly dividend of $0.08. Newmont Mining’s dividend payout ratio (DPR) is currently 38.36%.

In related news, insider Gary J. Goldberg sold 1,000 shares of Newmont Mining stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $40.23, for a total value of $40,230.00. Following the transaction, the insider now owns 156,096 shares of the company’s stock, valued at approximately $6,279,742.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP E Randall Engel sold 5,700 shares of Newmont Mining stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $40.23, for a total value of $229,311.00. Following the completion of the transaction, the executive vice president now directly owns 239,700 shares in the company, valued at approximately $9,643,131. The disclosure for this sale can be found here. Insiders sold a total of 23,450 shares of company stock worth $919,544 in the last three months. 0.36% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in Newmont Mining by 6.1% during the 4th quarter. BlackRock Inc. now owns 77,637,045 shares of the basic materials company’s stock valued at $2,912,946,000 after acquiring an additional 4,440,876 shares in the last quarter. Flossbach Von Storch AG grew its stake in Newmont Mining by 5.3% during the 4th quarter. Flossbach Von Storch AG now owns 8,500,271 shares of the basic materials company’s stock valued at $318,930,000 after acquiring an additional 428,150 shares in the last quarter. Geode Capital Management LLC grew its stake in Newmont Mining by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 6,378,102 shares of the basic materials company’s stock valued at $238,856,000 after acquiring an additional 410,435 shares in the last quarter. Swiss National Bank grew its stake in Newmont Mining by 0.6% during the 4th quarter. Swiss National Bank now owns 4,751,032 shares of the basic materials company’s stock valued at $178,259,000 after acquiring an additional 27,900 shares in the last quarter. Finally, Global Thematic Partners LLC grew its stake in Newmont Mining by 44.2% during the 4th quarter. Global Thematic Partners LLC now owns 4,103,076 shares of the basic materials company’s stock valued at $153,947,000 after acquiring an additional 1,258,566 shares in the last quarter. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

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About Newmont Mining

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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