Newmont (NYSE:NEM) Share Price Crosses Above 200-Day Moving Average Following Insider Selling

by · The Cerbat Gem

Newmont Corporation (NYSE:NEM – Get Free Report) shares passed above its 200-day moving average during trading on Wednesday following insider buying activity. The stock has a 200-day moving average of $112.44 and traded as high as $118.38. Newmont shares last traded at $118.22, with a volume of 10,954,406 shares changing hands.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of analyst reports. BMO Capital Markets raised their price target on Newmont from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 29th. Canadian Imperial Bank of Commerce set a $154.00 price target on shares of Newmont in a research note on Friday, October 16th. BNP Paribas Exane raised their price objective on shares of Newmont from $102.00 to $112.00 and gave the stock a “neutral” rating in a report on Monday, August 17th. Scotiabank lowered their target price on shares of Newmont from $149.00 to $148.00 and set an “outperform” rating for the company in a report on Tuesday, October 27th. Finally, Sanford C. Bernstein increased their target price on shares of Newmont from $144.00 to $150.00 in a research report on Friday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $137.20.

Get Our Latest Stock Report on Newmont

Newmont News Summary

Here are the key news stories impacting Newmont this week:

  • Positive Sentiment: Newmont’s strong free-cash-flow momentum is supporting investment in growth projects and additional shareholder returns, a potential fundamental tailwind. Article: Can Newmont’s Strong Free Cash Flow Momentum Carry Into Q4?
  • Positive Sentiment: Recent quarterly results also provide support: Newmont beat analyst expectations for earnings and revenue, with revenue up year over year. Newmont company information
  • Negative Sentiment: Insider-sale reports may weigh modestly on sentiment. EVP Peter Toth sold 3,000 shares, while the reported executive transactions were made under pre-arranged plans; the CEO’s sale was described as covering tax withholding on vested awards, which reduces their significance as a signal about the company’s outlook. Article: Insider Selling: Newmont EVP Sells 3,000 Shares

Newmont Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The stock has a 50 day simple moving average of $119.34 and a two-hundred day simple moving average of $112.44. The company has a market cap of $122.85 billion, a PE ratio of 13.75, a PEG ratio of 1.96 and a beta of 0.56.

Newmont (NYSE:NEM – Get Free Report) last announced its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.26. The business had revenue of $6.36 billion for the quarter, compared to analyst estimates of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $1.71 earnings per share. Equities analysts predict that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont’s dividend payout ratio (DPR) is presently 12.09%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NEM. New York Life Investment Management LLC acquired a new stake in shares of Newmont during the 3rd quarter valued at approximately $18,123,000. Gen Wealth Partners Inc acquired a new position in Newmont in the third quarter worth $62,000. 71 West Capital Partners bought a new stake in Newmont during the third quarter valued at $961,000. Flynn Zito Capital Management LLC bought a new stake in Newmont during the third quarter valued at $228,000. Finally, Nemes Rush Group LLC bought a new stake in Newmont during the third quarter valued at $866,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

About Newmont

(Get Free Report)

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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