Newmont (NYSE:NEM) Shares Down 6.1% - Here's What Happened

Newmont Corporation (NYSE:NEM - Get Free Report) shares dropped 6.1% during trading on Tuesday . The stock traded as low as $57.72 and last traded at $57.14. Approximately 4,252,168 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 10,628,847 shares. The stock had previously closed at $60.82.

Wall Street Analysts Forecast Growth

NEM has been the subject of several recent research reports. Raymond James Financial reissued an "outperform" rating and issued a $66.00 price target on shares of Newmont in a research report on Friday, April 25th. National Bankshares reissued a "sector perform" rating on shares of Newmont in a research report on Tuesday, June 24th. Scotiabank reissued a "sector perform" rating on shares of Newmont in a research report on Monday, April 14th. National Bank Financial upgraded Newmont to a "hold" rating in a research note on Friday, March 21st. Finally, UBS Group boosted their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average target price of $62.49.

Newmont Trading Down 1.3%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.70 and a current ratio of 1.98. The company has a 50 day simple moving average of $55.64 and a two-hundred day simple moving average of $49.34. The firm has a market cap of $64.20 billion, a PE ratio of 12.93, a P/E/G ratio of 0.65 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.54. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a return on equity of 15.75% and a net margin of 25.77%. During the same quarter in the previous year, the business earned $0.55 EPS. Analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.73%. Newmont's dividend payout ratio (DPR) is presently 22.42%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares of the company's stock, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the transaction, the director directly owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,231 shares of company stock valued at $679,813. Insiders own 0.05% of the company's stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Newmont by 11.9% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock worth $101,000 after purchasing an additional 185 shares during the period. Aaron Wealth Advisors LLC raised its holdings in Newmont by 4.4% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock worth $260,000 after purchasing an additional 190 shares during the period. Hemington Wealth Management raised its holdings in Newmont by 25.2% in the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock worth $46,000 after purchasing an additional 194 shares during the period. Ipswich Investment Management Co. Inc. raised its holdings in Newmont by 1.4% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock worth $689,000 after purchasing an additional 200 shares during the period. Finally, SOA Wealth Advisors LLC. raised its holdings in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares during the period. 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.