Newmont (NYSE:NEM) Shares Down 1% – Here’s What Happened
by Danessa Lincoln · The Markets DailyNewmont Corporation (NYSE:NEM – Get Free Report) shares fell 1% during trading on Thursday . The stock traded as low as $104.40 and last traded at $106.9040. 7,179,718 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 8,805,334 shares. The stock had previously closed at $108.01.
Wall Street Analyst Weigh In
NEM has been the topic of a number of research reports. Royal Bank Of Canada upped their price target on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. The Goldman Sachs Group set a $104.30 target price on Newmont and gave the stock a “buy” rating in a research report on Sunday, October 12th. Bank of America increased their target price on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, National Bankshares raised their price objective on shares of Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $97.08.
Get Our Latest Stock Analysis on NEM
Newmont Stock Performance
The company has a 50-day moving average of $93.29 and a 200-day moving average of $80.04. The company has a market cap of $116.66 billion, a PE ratio of 16.60, a PEG ratio of 0.84 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.
Newmont (NYSE:NEM – Get Free Report) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.
Newmont Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 0.9%. Newmont’s payout ratio is 15.53%.
Insider Activity
In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 9,160 shares of company stock valued at $767,206. Company insiders own 0.05% of the company’s stock.
Hedge Funds Weigh In On Newmont
Several institutional investors have recently bought and sold shares of the company. GoalVest Advisory LLC purchased a new stake in shares of Newmont in the 4th quarter valued at about $25,000. Rosenberg Matthew Hamilton raised its stake in Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 231 shares in the last quarter. Physician Wealth Advisors Inc. lifted its position in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. PMV Capital Advisers LLC purchased a new position in Newmont in the 4th quarter worth approximately $32,000. Finally, JPL Wealth Management LLC bought a new position in shares of Newmont in the 3rd quarter worth $27,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.
Newmont Company Profile
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.