Newmont (NYSE:NEM) Shares Down 1% - Here's Why

Newmont Co. (NYSE:NEM - Get Free Report) shares fell 1% on Wednesday . The company traded as low as $53.21 and last traded at $54.08. 3,078,749 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 9,860,609 shares. The stock had previously closed at $54.61.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. National Bankshares restated a "sector perform" rating on shares of Newmont in a research report on Wednesday, April 23rd. BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. Argus set a $63.00 price objective on Newmont in a research note on Friday, April 25th. UBS Group raised Newmont from a "neutral" rating to a "buy" rating and lifted their target price for the company from $50.00 to $60.00 in a research note on Friday, April 11th. Finally, TD Securities cut their price objective on shares of Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $55.63.

Newmont Price Performance

The company has a market cap of $60.10 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 0.41 and a beta of 0.30. The firm has a 50 day simple moving average of $49.03 and a 200-day simple moving average of $45.00. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. As a group, research analysts predict that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. Newmont's dividend payout ratio is currently 22.42%.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $131,130.00. Following the completion of the transaction, the executive vice president now owns 86,526 shares of the company's stock, valued at approximately $3,782,051.46. The trade was a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $51.48, for a total value of $106,923.96. Following the sale, the director now owns 47,257 shares in the company, valued at $2,432,790.36. This trade represents a 4.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,154 shares of company stock worth $328,840 over the last 90 days. 0.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

A number of large investors have recently added to or reduced their stakes in the stock. Norden Group LLC purchased a new stake in shares of Newmont during the first quarter worth about $344,000. Mackenzie Financial Corp boosted its holdings in Newmont by 11.1% in the 1st quarter. Mackenzie Financial Corp now owns 108,035 shares of the basic materials company's stock worth $5,216,000 after buying an additional 10,775 shares during the last quarter. Inlet Private Wealth LLC increased its stake in Newmont by 3.9% during the 1st quarter. Inlet Private Wealth LLC now owns 41,270 shares of the basic materials company's stock worth $1,993,000 after buying an additional 1,550 shares in the last quarter. Sunpointe LLC purchased a new position in shares of Newmont in the first quarter valued at approximately $255,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in shares of Newmont in the first quarter valued at approximately $233,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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