Newmont (NYSE:NEM) Shares Down 2.7% – Here’s Why

Shares of Newmont Corporation (NYSE:NEM) were down 2.7% on Thursday . The stock traded as low as $114.11 and last traded at $116.14. Approximately 10,794,151 shares traded hands during trading, an increase of 8% from the average daily volume of 10,028,750 shares. The stock had previously closed at $119.37.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NEM. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Bank of America increased their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. BMO Capital Markets decreased their target price on Newmont from $145.00 to $140.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Scotiabank upped their target price on Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, Canaccord Genuity Group increased their price target on Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $133.68.

Newmont Trading Down 2.7%

The firm’s 50-day simple moving average is $116.81 and its 200 day simple moving average is $96.27. The stock has a market cap of $126.35 billion, a P/E ratio of 18.18, a PEG ratio of 0.96 and a beta of 0.39. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. During the same period in the previous year, the firm posted $1.40 earnings per share. The business’s revenue was up 20.6% on a year-over-year basis. As a group, equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be paid a dividend of $0.26 per share. This is an increase from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, March 3rd. Newmont’s dividend payout ratio (DPR) is presently 16.28%.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Newmont in the 4th quarter worth approximately $339,000. Bayban bought a new stake in Newmont during the fourth quarter worth approximately $30,000. Pure Financial Advisors LLC raised its holdings in Newmont by 55.8% during the fourth quarter. Pure Financial Advisors LLC now owns 3,731 shares of the basic materials company’s stock worth $373,000 after purchasing an additional 1,336 shares in the last quarter. Rehmann Capital Advisory Group acquired a new stake in Newmont in the fourth quarter worth approximately $219,000. Finally, SHP Wealth Management bought a new position in Newmont during the 4th quarter valued at $174,000. Institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.