Newmont (NYSE:NEM) Shares Gap Down - Here's What Happened

Newmont Co. (NYSE:NEM - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $53.98, but opened at $51.02. Newmont shares last traded at $51.32, with a volume of 4,211,261 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NEM. Royal Bank of Canada lifted their target price on Newmont from $51.00 to $52.00 and gave the stock a "sector perform" rating in a research report on Friday, April 4th. Raymond James reiterated an "outperform" rating and set a $66.00 target price on shares of Newmont in a research report on Friday, April 25th. StockNews.com upgraded Newmont from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. Finally, National Bank Financial upgraded Newmont to a "hold" rating in a report on Friday, March 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, Newmont has an average rating of "Moderate Buy" and an average price target of $55.63.

Newmont Price Performance

The firm has a market cap of $56.55 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average price of $49.69 and a two-hundred day moving average price of $44.88.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.54. The business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. Newmont had a return on equity of 13.52% and a net margin of 17.92%. During the same quarter in the previous year, the firm earned $0.55 earnings per share. As a group, equities analysts expect that Newmont Co. will post 3.45 earnings per share for the current 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 1.97%. Newmont's dividend payout ratio is currently 22.42%.

Insider Activity at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $90,785.67. Following the completion of the transaction, the director now directly owns 47,916 shares of the company's stock, valued at approximately $2,094,408.36. The trade was a 4.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred 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 directly owns 86,526 shares of the company's stock, valued at $3,782,051.46. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,154 shares of company stock worth $328,840 over the last quarter. Insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently bought and sold shares of the company. Czech National Bank increased its position in shares of Newmont by 5.6% during the fourth quarter. Czech National Bank now owns 246,839 shares of the basic materials company's stock worth $9,187,000 after purchasing an additional 13,096 shares in the last quarter. Brookstone Capital Management acquired a new position in Newmont during the fourth quarter worth about $245,000. Moody National Bank Trust Division grew its stake in Newmont by 13.6% during the 4th quarter. Moody National Bank Trust Division now owns 22,079 shares of the basic materials company's stock valued at $822,000 after acquiring an additional 2,645 shares in the last quarter. Eastern Bank raised its holdings in Newmont by 20.2% in the 4th quarter. Eastern Bank now owns 4,550 shares of the basic materials company's stock valued at $169,000 after acquiring an additional 765 shares during the last quarter. Finally, Elevated Capital Advisors LLC lifted its stake in Newmont by 11.6% in the 4th quarter. Elevated Capital Advisors LLC now owns 19,908 shares of the basic materials company's stock worth $741,000 after purchasing an additional 2,077 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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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