Newmont (NYSE:NEM) Shares Down 4.9% – Time to Sell?
by Amy Steele · The Cerbat GemNewmont Corporation (NYSE:NEM – Get Free Report)’s share price traded down 4.9% during trading on Wednesday . The company traded as low as $113.84 and last traded at $113.4980. 3,925,353 shares were traded during mid-day trading, a decline of 62% from the average session volume of 10,323,433 shares. The stock had previously closed at $119.30.
Analysts Set New Price Targets
A number of equities analysts recently commented on the company. Citigroup raised their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Jefferies Financial Group raised their target price on Newmont from $162.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, April 10th. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. TD Securities decreased their target price on Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.91.
Check Out Our Latest Analysis on NEM
Newmont Stock Down 4.3%
The firm has a market capitalization of $123.28 billion, a PE ratio of 17.86, a P/E/G ratio of 0.88 and a beta of 0.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The company has a 50-day moving average price of $115.46 and a 200 day moving average price of $103.37.
Newmont (NYSE:NEM – Get Free Report) last released its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The firm’s revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the business posted $1.40 earnings per share. Analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.
Newmont Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd were issued a dividend of $0.26 per share. This is an increase from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont’s payout ratio is 16.28%.
Insider Activity at Newmont
In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total transaction of $339,270.00. Following the completion of the transaction, the executive vice president owned 52,315 shares in the company, valued at approximately $5,916,303.35. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 17,147 shares of the company’s stock, valued at $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 24,394 shares of company stock worth $2,713,281. Company insiders own 0.06% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Apella Capital LLC grew its holdings in Newmont by 4.1% during the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock valued at $219,000 after buying an additional 86 shares in the last quarter. New Wave Wealth Advisors LLC boosted its position in shares of Newmont by 1.3% during the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock valued at $684,000 after acquiring an additional 88 shares during the last quarter. Novem Group boosted its position in shares of Newmont by 3.7% during the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock valued at $248,000 after acquiring an additional 88 shares during the last quarter. Norden Group LLC grew its holdings in shares of Newmont by 0.7% in the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after purchasing an additional 90 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Newmont by 1.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock valued at $714,000 after purchasing an additional 96 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.
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.