Newmont Goldcorp (NYSE:NEM) Board of Directors Announces Stock Buyback Plan

Newmont Goldcorp (NYSE:NEM) declared that its Board of Directors has authorized a stock buyback program on Monday, December 2nd, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Newmont Goldcorp stock opened at $39.33 on Wednesday. The stock has a 50-day moving average price of $38.24 and a 200 day moving average price of $37.66. The company has a market capitalization of $31.48 billion, a price-to-earnings ratio of 29.13 and a beta of -0.06. Newmont Goldcorp has a 52 week low of $29.77 and a 52 week high of $41.23. The company has a quick ratio of 1.76, a current ratio of 2.18 and a debt-to-equity ratio of 0.30.

Newmont Goldcorp (NYSE:NEM) last issued its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.03). Newmont Goldcorp had a return on equity of 4.71% and a net margin of 25.42%. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.83 billion. During the same quarter last year, the company posted $0.33 EPS. Newmont Goldcorp’s quarterly revenue was up 57.2% compared to the same quarter last year. Research analysts anticipate that Newmont Goldcorp will post 1.32 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 5th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Wednesday, December 4th. Newmont Goldcorp’s dividend payout ratio (DPR) is currently 41.48%.

NEM has been the subject of several research analyst reports. TheStreet raised shares of Newmont Goldcorp from a “c+” rating to a “b” rating in a research report on Tuesday, November 5th. TD Securities dropped their target price on shares of Newmont Goldcorp from $52.00 to $50.00 and set an “action list buy” rating on the stock in a research report on Monday, August 19th. Raymond James reissued an “outperform” rating and set a $48.00 target price on shares of Newmont Goldcorp in a research report on Tuesday. Macquarie began coverage on shares of Newmont Goldcorp in a research note on Thursday, September 12th. They set a “neutral” rating on the stock. Finally, National Bank Financial reaffirmed an “outperform market weight” rating on shares of Newmont Goldcorp in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $43.41.

In other news, EVP Dean Gehring sold 3,500 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.32, for a total value of $137,620.00. Following the sale, the executive vice president now owns 24,810 shares in the company, valued at $975,529.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nancy Buese sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $37.83, for a total value of $283,725.00. Following the sale, the chief financial officer now directly owns 44,944 shares in the company, valued at $1,700,231.52. The disclosure for this sale can be found here. Insiders sold a total of 31,750 shares of company stock worth $1,216,328 over the last ninety days. Insiders own 0.44% of the company’s stock.

About Newmont Goldcorp

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 December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.

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