Newmont (NYSE:NEM) Stock Price Down 1.8% – What’s Next?

Newmont Corporation (NYSE:NEM)’s stock price fell 1.8% during mid-day trading on Friday . The company traded as low as $79.80 and last traded at $80.8510. 8,366,729 shares changed hands during trading, a decline of 30% from the average session volume of 11,878,967 shares. The stock had previously closed at $82.31.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NEM. National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, July 25th. Royal Bank Of Canada increased their price target on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $71.50 to $114.00 in a research note on Thursday, October 23rd. Bank of America upped their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Raymond James Financial set a $99.00 price target on shares of Newmont and gave the company an “outperform” rating in a report on Friday, October 24th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Newmont presently has an average rating of “Buy” and an average price target of $86.92.

Newmont Stock Performance

The company’s 50-day moving average price is $82.25 and its two-hundred day moving average price is $66.63. The stock has a market cap of $88.23 billion, a PE ratio of 12.55, a PEG ratio of 0.53 and a beta of 0.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. On average, equities research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be given a $0.25 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont’s payout ratio is presently 15.53%.

Insiders Place Their Bets

In other news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director directly owned 36,869 shares in the company, valued at $3,133,496.31. The trade was a 5.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,172 shares of company stock valued at $808,863 over the last quarter. 0.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of the business. Cloud Capital Management LLC bought a new position in shares of Newmont during the first quarter valued at approximately $26,000. Colonial Trust Advisors increased its position in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the period. Concord Wealth Partners raised its holdings in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares in the last quarter. Evermay Wealth Management LLC lifted its position in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 400 shares during the period. Finally, Private Trust Co. NA boosted its stake in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

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.