Newmont Goldcorp Sees Unusually High Options Volume (NYSE:NEM)
Newmont Goldcorp Corp (NYSE:NEM) saw some unusual options trading on Tuesday. Investors purchased 43,301 put options on the company. This is an increase of 1,294% compared to the typical volume of 3,106 put options.
In other news, EVP Scott P. Lawson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $37.91, for a total transaction of $113,730.00. Following the completion of the transaction, the executive vice president now directly owns 124,545 shares of the company’s stock, valued at approximately $4,721,500.95. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Nancy Buese sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $31.63, for a total value of $237,225.00. Following the transaction, the chief financial officer now directly owns 53,118 shares of the company’s stock, valued at $1,680,122.34. The disclosure for this sale can be found here. Insiders sold 89,720 shares of company stock valued at $3,254,208 over the last three months. 0.44% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. BlackRock Inc. increased its holdings in shares of Newmont Goldcorp by 27.8% in the 2nd quarter. BlackRock Inc. now owns 109,649,438 shares of the basic materials company’s stock valued at $4,218,213,000 after acquiring an additional 23,820,369 shares during the last quarter. Van ECK Associates Corp grew its stake in Newmont Goldcorp by 33.0% during the 2nd quarter. Van ECK Associates Corp now owns 37,040,057 shares of the basic materials company’s stock worth $1,424,931,000 after buying an additional 9,198,168 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Newmont Goldcorp by 32.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,512,764 shares of the basic materials company’s stock worth $519,836,000 after buying an additional 3,328,151 shares during the last quarter. Northern Trust Corp grew its stake in Newmont Goldcorp by 36.6% during the 2nd quarter. Northern Trust Corp now owns 11,725,037 shares of the basic materials company’s stock worth $451,062,000 after buying an additional 3,143,279 shares during the last quarter. Finally, Ruffer LLP grew its stake in Newmont Goldcorp by 127.4% during the 2nd quarter. Ruffer LLP now owns 4,530,246 shares of the basic materials company’s stock worth $174,210,000 after buying an additional 2,538,247 shares during the last quarter. Institutional investors and hedge funds own 62.78% of the company’s stock.
Newmont Goldcorp (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.29 billion. Newmont Goldcorp had a negative net margin of 1.03% and a positive return on equity of 4.79%. Newmont Goldcorp’s revenue for the quarter was up 35.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 EPS. On average, equities analysts anticipate that Newmont Goldcorp will post 1.2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.49%. Newmont Goldcorp’s payout ratio is currently 41.48%.
Several brokerages have recently weighed in on NEM. TD Securities upped their target price on Newmont Goldcorp from $46.00 to $47.00 and gave the stock an “action list buy” rating in a research note on Tuesday, June 25th. Raymond James restated an “outperform” rating and issued a $47.00 target price on shares of Newmont Goldcorp in a report on Friday, April 26th. BMO Capital Markets began coverage on Newmont Goldcorp in a report on Wednesday, July 3rd. They issued a “market perform” rating and a $45.00 target price for the company. TheStreet upgraded Newmont Goldcorp from a “c+” rating to a “b-” rating in a report on Friday, July 5th. Finally, Citigroup upgraded Newmont Goldcorp from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Newmont Goldcorp presently has an average rating of “Buy” and a consensus price target of $41.76.
Newmont Goldcorp Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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