Newmont (NYSE:NEM) Issues Quarterly Earnings Results

Key Points

• Newmont reported a **quarterly earnings per share (EPS)** of **$1.71**, exceeding the consensus estimate by **$0.44**.
• Following the earnings announcement, Newmont's stock rose to **$88.93**, with a trading volume of **14,398,010 shares** compared to the average of **11,794,436**.
• Analysts have upgraded their ratings on Newmont, with price targets ranging from **$90.39** to **$114.00**, indicating strong market confidence in the company.

Newmont (NYSE:NEM - Get Free Report) posted its earnings results on Thursday. The basic materials company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.27 by $0.44, Zacks reports. Newmont had a net margin of 30.50% and a return on equity of 17.86%.

Newmont Stock Performance

NEM stock traded up $1.92 during midday trading on Thursday, reaching $88.93. 14,398,010 shares of the company's stock traded hands, compared to its average volume of 11,794,436. Newmont has a 52 week low of $36.86 and a 52 week high of $98.58. The company has a 50-day moving average price of $80.48 and a two-hundred day moving average price of $64.85. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The firm has a market capitalization of $97.69 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 0.59 and a beta of 0.34.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Transamerica Financial Advisors LLC grew its holdings in shares of Newmont by 80.2% during the second quarter. Transamerica Financial Advisors LLC now owns 2,372 shares of the basic materials company's stock worth $138,000 after purchasing an additional 1,056 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Newmont by 10.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,660 shares of the basic materials company's stock valued at $155,000 after purchasing an additional 258 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Newmont during the 2nd quarter valued at about $192,000. ICONIQ Capital LLC purchased a new position in shares of Newmont during the second quarter worth approximately $226,000. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Newmont in the 2nd quarter valued at $240,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NEM shares. The Goldman Sachs Group set a $104.30 price target on Newmont and gave the stock a "buy" rating in a report on Sunday, October 12th. Raymond James Financial set a $96.00 price target on shares of Newmont in a report on Friday, October 10th. Zacks Research raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Monday. National Bankshares restated an "outperform" rating on shares of Newmont in a research note on Monday, September 22nd. Finally, Scotiabank upgraded Newmont from a "sector perform" rating to a "sector outperform" rating and upped their price objective for the company from $71.50 to $114.00 in a research note on Thursday. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $90.39.

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.

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