$1.85 Billion in Sales Expected for Newmont Mining Corp (NEM) This Quarter
Wall Street brokerages expect Newmont Mining Corp (NYSE:NEM) to report $1.85 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Newmont Mining’s earnings, with the lowest sales estimate coming in at $1.84 billion and the highest estimate coming in at $1.85 billion. Newmont Mining posted sales of $1.82 billion during the same quarter last year, which would indicate a positive year over year growth rate of 1.6%. The firm is expected to issue its next quarterly earnings results before the market opens on Thursday, April 25th.
According to Zacks, analysts expect that Newmont Mining will report full year sales of $7.57 billion for the current year, with estimates ranging from $7.53 billion to $7.68 billion. For the next financial year, analysts forecast that the business will post sales of $7.37 billion, with estimates ranging from $7.19 billion to $7.49 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Newmont Mining.
Newmont Mining (NYSE:NEM) last announced its earnings results on Thursday, February 21st. The basic materials company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.17. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Newmont Mining had a return on equity of 6.19% and a net margin of 4.70%. Newmont Mining’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS.
In related news, EVP Stephen P. Gottesfeld sold 3,500 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $35.06, for a total value of $122,710.00. Following the transaction, the executive vice president now directly owns 157,264 shares of the company’s stock, valued at approximately $5,513,675.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Thomas Ronald Palmer sold 1,250 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $33.90, for a total value of $42,375.00. Following the completion of the transaction, the chief operating officer now directly owns 277,823 shares in the company, valued at $9,418,199.70. The disclosure for this sale can be found here. Insiders sold a total of 40,850 shares of company stock worth $1,469,194 over the last ninety days. Corporate insiders own 0.44% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Municipal Employees Retirement System of Michigan purchased a new position in shares of Newmont Mining in the 4th quarter worth $1,157,000. Duality Advisers LP purchased a new position in shares of Newmont Mining in the 4th quarter worth $3,130,000. Essex Investment Management Co. LLC raised its position in Newmont Mining by 31.8% in the fourth quarter. Essex Investment Management Co. LLC now owns 59,190 shares of the basic materials company’s stock valued at $2,051,000 after purchasing an additional 14,293 shares during the period. LPL Financial LLC raised its position in Newmont Mining by 6.7% in the fourth quarter. LPL Financial LLC now owns 52,190 shares of the basic materials company’s stock valued at $1,808,000 after purchasing an additional 3,268 shares during the period. Finally, Mn Services Vermogensbeheer B.V. raised its position in Newmont Mining by 256.5% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 295,601 shares of the basic materials company’s stock valued at $8,960,000 after purchasing an additional 212,680 shares during the period. 86.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of NEM stock traded down $0.18 during mid-day trading on Thursday, hitting $32.37. 10,911,930 shares of the company’s stock were exchanged, compared to its average volume of 12,068,693. Newmont Mining has a fifty-two week low of $29.06 and a fifty-two week high of $41.49. The company has a quick ratio of 2.60, a current ratio of 2.95 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $17.37 billion, a price-to-earnings ratio of 23.98 and a beta of 0.01.
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 $0.88 dividend. This represents a dividend yield of 1.57%. The ex-dividend date of this dividend is Tuesday, April 16th. Newmont Mining’s dividend payout ratio (DPR) is currently 41.48%.
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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