Newmont (NYSE:NEM) Stock Price Down 4.9% – Here’s Why

by · The Cerbat Gem

Newmont Co. (NYSE:NEM – Get Free Report) shares were down 4.9% during mid-day trading on Monday . The company traded as low as $50.99 and last traded at $51.32. Approximately 7,487,454 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 9,900,440 shares. The stock had previously closed at $53.98.

Analyst Ratings Changes

Several brokerages have weighed in on NEM. Argus set a $63.00 price target on shares of Newmont in a report on Friday, April 25th. National Bankshares reissued a “sector perform” rating on shares of Newmont in a report on Wednesday, April 23rd. National Bank Financial upgraded shares of Newmont to a “hold” rating in a research report on Friday, March 21st. Raymond James restated an “outperform” rating and issued a $66.00 price target on shares of Newmont in a research report on Friday, April 25th. Finally, Royal Bank of Canada boosted their price target on shares of Newmont from $51.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Friday, April 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.63.

Get Our Latest Report on NEM

Newmont Stock Performance

The firm’s 50-day moving average price is $49.69 and its two-hundred day moving average price is $44.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The stock has a market cap of $56.54 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM – Get Free Report) last posted its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. On average, analysts expect that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.97%. Newmont’s dividend payout ratio (DPR) is presently 22.42%.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $51.48, for a total transaction of $106,923.96. Following the sale, the director now owns 47,257 shares of the company’s stock, valued at approximately $2,432,790.36. This trade represents a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the sale, the executive vice president now directly owns 86,526 shares in the company, valued at approximately $3,782,051.46. The trade was a 3.35% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,154 shares of company stock worth $328,840. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently modified their holdings of NEM. Van ECK Associates Corp grew its position in Newmont by 1.6% in the 4th quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock valued at $1,851,606,000 after buying an additional 797,445 shares during the last quarter. Geode Capital Management LLC grew its position in Newmont by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock valued at $919,484,000 after buying an additional 1,213,397 shares during the last quarter. Norges Bank purchased a new position in Newmont in the 4th quarter valued at $626,074,000. Bank of New York Mellon Corp grew its position in Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock valued at $773,159,000 after buying an additional 1,306,783 shares during the last quarter. Finally, Northern Trust Corp grew its position in Newmont by 11.5% in the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company’s stock valued at $474,263,000 after buying an additional 1,309,177 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

(Get Free Report)

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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