Newmont (NYSE:NEM) Shares Down 2.2% – Here’s What Happened

Newmont Corporation (NYSE:NEM)’s share price dropped 2.2% on Friday . The stock traded as low as $85.92 and last traded at $87.7420. Approximately 9,529,597 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 11,767,063 shares. The stock had previously closed at $89.72.

Analysts Set New Price Targets

A number of brokerages have issued reports on NEM. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Royal Bank Of Canada boosted their price target on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Citigroup increased their price target on Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Bank of America lifted their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, The Goldman Sachs Group set a $104.30 target price on Newmont and gave the stock a “buy” rating in a report on Sunday, October 12th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $88.99.

Newmont Stock Performance

The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The company has a market cap of $95.75 billion, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The company has a 50 day moving average price of $84.35 and a 200-day moving average price of $68.46.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.Newmont’s revenue was up 20.0% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. On average, equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont’s payout ratio is presently 15.53%.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director directly owned 34,789 shares of the company’s stock, valued at approximately $2,816,517.44. This represents a 5.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 11,237 shares of company stock worth $906,799 over the last quarter. 0.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently added to or reduced their stakes in NEM. Physician Wealth Advisors Inc. grew its stake in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Colonial Trust Advisors boosted its holdings in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 429 shares during the period. Concord Wealth Partners grew its position in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares in the last quarter. Evermay Wealth Management LLC raised its stake in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares during the period. Finally, Capital A Wealth Management LLC boosted its position in shares of Newmont by 1,648.3% in the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 478 shares during the period. 68.85% of the stock is owned by institutional investors.

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.