Today: Newmont Mining Corp. (NEM) Upgrade to “Buy” by Bank of America Corp.

Today: Newmont Mining Corp. (NEM) Upgrade to “Buy” by Bank of America Corp.

Newmont Mining Corp. (NYSE:NEM) was upgraded by analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research note issued on Monday.

A number of other research firms also recently issued reports on NEM. Credit Suisse Group AG reiterated a “buy” rating on shares of Newmont Mining Corp. in a research report on Monday, September 19th. FBR & Co dropped their target price on shares of Newmont Mining Corp. from $40.00 to $39.00 and set a “market perform” rating on the stock in a research report on Thursday, November 10th. Vetr upgraded shares of Newmont Mining Corp. from a “buy” rating to a “strong-buy” rating and set a $45.64 target price on the stock in a research report on Monday, September 12th. Barclays PLC upgraded shares of Newmont Mining Corp. from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, October 17th. Finally, Morgan Stanley assumed coverage on shares of Newmont Mining Corp. in a research report on Tuesday, August 9th. They set an “equal weight” rating and a $41.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $38.65.

Shares of Newmont Mining Corp. (NYSE:NEM) opened at 31.92 on Monday. The firm has a 50-day moving average of $34.99 and a 200-day moving average of $37.91. The firm’s market cap is $16.94 billion. Newmont Mining Corp. has a 52 week low of $16.05 and a 52 week high of $46.07.

Newmont Mining Corp. (NYSE:NEM) last released its earnings results on Wednesday, October 26th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.12. Newmont Mining Corp. had a negative net margin of 6.99% and a positive return on equity of 4.94%. The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the firm earned $0.23 EPS. The firm’s revenue was up 6.8% on a year-over-year basis. On average, analysts expect that Newmont Mining Corp. will post $1.72 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, December 6th. This is an increase from Newmont Mining Corp.’s previous quarterly dividend of $0.03. This represents a $0.20 annualized dividend and a yield of 0.63%. Newmont Mining Corp.’s dividend payout ratio is -9.71%.

In other Newmont Mining Corp. news, EVP William N. Macgowan sold 2,006 shares of the company’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $37.53, for a total transaction of $75,285.18. Following the sale, the executive vice president now directly owns 96,773 shares of the company’s stock, valued at $3,631,890.69. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott P. Lawson sold 1,500 shares of the stock in a transaction dated Tuesday, October 25th. The stock was sold at an average price of $35.99, for a total transaction of $53,985.00. Following the completion of the sale, the executive vice president now directly owns 44,795 shares in the company, valued at $1,612,172.05. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.

Large investors have recently made changes to their positions in the company. Klingenstein Fields & Co. LLC increased its stake in shares of Newmont Mining Corp. by 4.4% in the second quarter. Klingenstein Fields & Co. LLC now owns 624,640 shares of the company’s stock worth $24,436,000 after buying an additional 26,270 shares during the last quarter. Carmignac Gestion increased its stake in shares of Newmont Mining Corp. by 3.5% in the second quarter. Carmignac Gestion now owns 13,079,898 shares of the company’s stock worth $511,686,000 after buying an additional 436,300 shares during the last quarter. General Electric Co. increased its stake in shares of Newmont Mining Corp. by 2,393.7% in the second quarter. General Electric Co. now owns 860,218 shares of the company’s stock worth $33,652,000 after buying an additional 825,722 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Newmont Mining Corp. by 48.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 264,229 shares of the company’s stock worth $10,382,000 after buying an additional 86,308 shares during the last quarter. Finally, Mizuho Trust & Banking Co. Ltd. increased its stake in shares of Newmont Mining Corp. by 0.4% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 854,883 shares of the company’s stock worth $33,443,000 after buying an additional 3,446 shares during the last quarter. 79.70% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont Mining Corp.

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