FBR & Co Lowered Newmont Mining Corp. (NEM) Price Target to $39.00

FBR & Co Lowered Newmont Mining Corp. (NEM) Price Target to $39.00

Newmont Mining Corp. (NYSE:NEM) had its target price cut by investment analysts at FBR & Co from $40.00 to $39.00 in a report released on Thursday. The brokerage presently has a “market perform” rating on the stock.

NEM has been the subject of several other reports. Jefferies Group set a $42.00 price objective on Newmont Mining Corp. and gave the stock a “hold” rating in a research report on Thursday, July 21st. Citigroup Inc. reiterated a “buy” rating on shares of Newmont Mining Corp. in a research report on Thursday, August 18th. Mackie upgraded Newmont Mining Corp. from a “hold” rating to a “buy” rating in a research report on Monday, October 31st. Vetr lowered Newmont Mining Corp. from a “strong-buy” rating to a “buy” rating and set a $45.64 price objective for the company. in a research report on Wednesday, September 21st. Finally, Zacks Investment Research upgraded Newmont Mining Corp. from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, July 26th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of C$38.65.

Newmont Mining Corp. (NYSE:NEM) opened at 31.59 on Thursday. Newmont Mining Corp. has a 52-week low of $16.05 and a 52-week high of $46.07. The stock has a 50 day moving average price of $36.26 and a 200 day moving average price of $37.89. The company’s market capitalization is $16.77 billion.

Newmont Mining Corp. (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by $0.12. The company earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Newmont Mining Corp. had a negative net margin of 6.99% and a positive return on equity of 4.94%. Newmont Mining Corp.’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. On average, equities analysts expect that Newmont Mining Corp. will post $1.71 earnings per share for the current year.

The company 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. This is a positive change from Newmont Mining Corp.’s previous quarterly dividend of $0.03. The ex-dividend date is Tuesday, December 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.63%. Newmont Mining Corp.’s dividend payout ratio (DPR) is presently -9.71%.

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

Several institutional investors have recently added to or reduced their stakes in NEM. New York Life Trust Co. raised its position in Newmont Mining Corp. by 9.0% in the third quarter. New York Life Trust Co. now owns 2,707 shares of the company’s stock worth $106,000 after buying an additional 224 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of Newmont Mining Corp. during the third quarter worth $153,000. Smith Affiliated Capital Corp. raised its stake in shares of Newmont Mining Corp. by 194.1% in the second quarter. Smith Affiliated Capital Corp. now owns 5,000 shares of the company’s stock worth $196,000 after buying an additional 3,300 shares in the last quarter. Sullivan Bruyette Speros & Blaney Inc. acquired a new stake in shares of Newmont Mining Corp. during the second quarter worth $203,000. Finally, Balasa Dinverno & Foltz LLC acquired a new stake in shares of Newmont Mining Corp. during the third quarter worth $207,000. 80.62% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont Mining Corp.

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