Newmont (NYSE:NEM) Shares Down 4.3% After Insider Selling
by Kim Johansen · The Markets DailyNewmont Corporation (NYSE:NEM – Get Free Report) dropped 4.3% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $105.32 and last traded at $106.29. Approximately 14,713,234 shares traded hands during mid-day trading, an increase of 47% from the average daily volume of 10,006,306 shares. The stock had previously closed at $111.04.
Specifically, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Wall Street Analyst Weigh In
Several brokerages have weighed in on NEM. DZ Bank raised shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. BNP Paribas Exane increased their price objective on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. BMO Capital Markets decreased their price objective on shares of Newmont from $145.00 to $140.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Wall Street Zen raised shares of Newmont from a “hold” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Scotiabank increased their price target on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $134.15.
Get Our Latest Research Report on Newmont
Newmont Stock Performance
The firm has a market capitalization of $115.63 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 0.85 and a beta of 0.39. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The business’s fifty day simple moving average is $118.89 and its 200-day simple moving average is $99.20.
Newmont (NYSE:NEM – Get Free Report) last issued its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. Newmont’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.40 earnings per share. As a group, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.
Newmont Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 3rd. This is a positive change from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio (DPR) is 16.28%.
Institutional Investors Weigh In On Newmont
Several large investors have recently made changes to their positions in NEM. Estate Counselors LLC purchased a new position in shares of Newmont during the third quarter valued at approximately $4,182,000. AustralianSuper Pty Ltd raised its holdings in shares of Newmont by 124.8% in the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after buying an additional 183,360 shares during the period. Knights of Columbus Asset Advisors LLC raised its holdings in shares of Newmont by 286.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock worth $5,101,000 after buying an additional 44,846 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Newmont by 172.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after acquiring an additional 2,723,044 shares during the last quarter. Finally, Live Oak Investment Partners purchased a new position in Newmont during the 3rd quarter valued at $2,232,000. 68.85% of the stock is owned by institutional investors.
About Newmont
Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.