Newmont (NYSE:NEM) Shares Gap Down on Analyst Downgrade

Newmont Co. (NYSE:NEM) gapped down prior to trading on Monday after Raymond James lowered their price target on the stock from $62.00 to $59.00. The stock had previously closed at $43.38, but opened at $41.87. Raymond James currently has an outperform rating on the stock. Newmont shares last traded at $42.06, with a volume of 926,066 shares traded.

Other research analysts have also recently issued research reports about the stock. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Thursday, August 29th. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Bernstein Bank increased their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Jefferies Financial Group increased their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the sale, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. This represents a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s 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 of the company’s stock, valued at approximately $4,963,452.12. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently made changes to their positions in NEM. Waverton Investment Management Ltd lifted its position in Newmont by 14.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after buying an additional 65,075 shares in the last quarter. Red Cedar Investment Management LLC purchased a new stake in Newmont in the 3rd quarter worth approximately $1,263,000. Bessemer Group Inc. lifted its position in Newmont by 7.5% in the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after buying an additional 529 shares in the last quarter. Herr Investment Group LLC purchased a new stake in Newmont in the 2nd quarter worth approximately $419,000. Finally, Truist Financial Corp lifted its position in Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after buying an additional 11,276 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 2.1 %

The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a market cap of $48.34 billion, a PE ratio of -27.93, a P/E/G ratio of 0.38 and a beta of 0.51. The business’s 50-day simple moving average is $50.01 and its 200-day simple moving average is $47.51.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, analysts expect that Newmont Co. will post 3.09 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. Newmont’s dividend payout ratio (DPR) is -65.79%.

Newmont Company Profile

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.