Newmont Mining Corp (NEM) is Initiated by Citigroup to Buy, Price Target at $51

Newmont Mining Corp (NEM) was Initiated by Citigroup to “Buy” and the brokerage firm has set the Price Target at $51. Citigroup advised their investors in a research report released on Aug 2, 2016.

Many Wall Street Analysts have commented on Newmont Mining Corp. Company shares were Reiterated by FBR Capital on Jul 20, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 39 from a previous price target of $31 .Newmont Mining Corp was Downgraded by Jefferies to ” Hold” on Jun 2, 2016. Newmont Mining Corp was Upgraded by Goldman to ” Buy” on May 11, 2016.

On the company’s financial health, Newmont Mining Corp reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $0.30. The company had revenue of $2038.00 million for the quarter, compared to analysts expectations of $1898.09 million. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS.

Newmont Mining Corp opened for trading at $43.04 and hit $44.17 on the upside on Friday, eventually ending the session at $44, with a gain of 3.12% or 1.33 points. The heightened volatility saw the trading volume jump to 92,61,046 shares. Company has a market cap of $23,346 M.

Investors should note that on Jul 20, 2016, Newmont Mining Corp announced a cash dividend of $0.0250. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 29, 2016.

In a different news, on Jul 29, 2016, E Randall Engel (EVP, Strategic Development) sold 8,700 shares at $42.55 per share price. According to the SEC, on Jul 29, 2016, Stephen P Gottesfeld (EVP and General Counsel) sold 10,000 shares at $41.60 per share price. On Jul 27, 2016, Scott P Lawson (EVP & Chief Technology Officer) sold 4,700 shares at $40.35 per share price, according to the Form-4 filing with the securities and exchange commission.

Newmont Mining Corporation (Newmont) is a global mining company which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States Australia Peru Indonesia Ghana New Zealand and Suriname. The Company’s business segments include North America South America Asia Pacific and Africa. The Company’s North America segment consists primarily of Carlin Phoenix CC&V and Twin Creeks in the state of Nevada in the United States. The Company’s South America segment consists primarily of Yanacocha in Peru. The Company’s Asia Pacific segment consists primarily of Boddington Tanami and Kalgoorlie in Australia and Batu Hijau in Indonesia. The Company’s Africa segment consists primarily of Ahafo and Akyem in Ghana. The Company’s product at its gold operations is dore bars. Dore is an alloy consisting primarily of gold as well as silver and other metals.

Newmont Mining Corp

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