Newmont Co. (NYSE:NEM) Short Interest Update

Newmont Co. (NYSE:NEM) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 21,140,000 shares, an increase of 24.1% from the August 31st total of 17,040,000 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average daily trading volume, of 7,410,000 shares, the short-interest ratio is presently 2.9 days.

Newmont Price Performance

Newmont stock traded down $1.63 during mid-day trading on Friday, reaching $53.90. 9,715,149 shares of the company were exchanged, compared to its average volume of 10,422,563. The firm has a market cap of $62.15 billion, a PE ratio of -20.19, a PEG ratio of 0.47 and a beta of 0.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company has a fifty day simple moving average of $50.84 and a 200-day simple moving average of $44.20. Newmont has a 12 month low of $29.42 and a 12 month high of $56.30.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the previous year, the firm earned $0.33 earnings per share. Newmont’s revenue for the quarter was up 64.1% compared to the same quarter last year. As a group, equities research analysts expect that Newmont will post 2.88 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.86%. Newmont’s dividend payout ratio is currently -37.45%.

Analyst Ratings Changes

NEM has been the topic of several research analyst reports. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Thursday, August 29th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Jefferies Financial Group raised their target price on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.62.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $2,744,700 over the last ninety days. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NEM. Healthcare of Ontario Pension Plan Trust Fund raised its position in Newmont by 117.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 629,800 shares of the basic materials company’s stock worth $26,370,000 after purchasing an additional 339,800 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Newmont in the second quarter valued at approximately $91,000. Heritage Wealth Management Inc. acquired a new stake in Newmont during the 2nd quarter valued at approximately $239,000. Sanctuary Advisors LLC bought a new position in Newmont during the 2nd quarter worth approximately $682,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Newmont in the 2nd quarter worth approximately $754,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

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.