Short Interest in Newmont Co. (NYSE:NEM) Expands By 33.4%


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Newmont Co. (NYSE:NEM) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 11,270,000 shares, an increase of 33.4% from the March 15th total of 8,450,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average trading volume of 7,150,000 shares, the days-to-cover ratio is currently 1.6 days.

In other news, CEO Thomas Ronald Palmer sold 5,150 shares of Newmont stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $61.03, for a total value of $314,304.50. Following the sale, the chief executive officer now directly owns 281,825 shares of the company’s stock, valued at $17,199,779.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephen P. Gottesfeld sold 4,000 shares of Newmont stock in a transaction dated Wednesday, April 14th. The stock was sold at an average price of $62.38, for a total value of $249,520.00. Following the completion of the sale, the executive vice president now directly owns 113,140 shares in the company, valued at $7,057,673.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,522 shares of company stock worth $1,609,107. Insiders own 0.28% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Bartlett & Co. LLC raised its stake in shares of Newmont by 1,446.7% during the fourth quarter. Bartlett & Co. LLC now owns 464 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 434 shares in the last quarter. MD Financial Management Inc. bought a new position in Newmont in the fourth quarter worth approximately $28,000. CVA Family Office LLC bought a new position in Newmont in the first quarter worth approximately $34,000. Tompkins Financial Corp bought a new position in Newmont in the fourth quarter worth approximately $26,000. Finally, SOA Wealth Advisors LLC. bought a new position in Newmont in the fourth quarter worth approximately $34,000. 79.18% of the stock is owned by hedge funds and other institutional investors.

NEM has been the topic of several research reports. JPMorgan Chase & Co. initiated coverage on Newmont in a report on Wednesday, February 10th. They issued an “overweight” rating on the stock. Zacks Investment Research upgraded Newmont from a “sell” rating to a “hold” rating and set a $60.00 price target for the company in a research report on Thursday, February 25th. Fundamental Research dropped their price target on Newmont from $74.35 to $69.96 and set a “buy” rating for the company in a research report on Friday, February 19th. Citigroup dropped their price target on Newmont from $70.00 to $66.00 in a research report on Friday, February 19th. Finally, TD Securities dropped their price target on Newmont from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Friday, February 26th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $71.92.

Shares of NYSE:NEM traded up $0.63 during trading hours on Friday, hitting $65.41. 6,398,577 shares of the company’s stock traded hands, compared to its average volume of 7,146,756. The business has a fifty day moving average price of $59.83 and a 200-day moving average price of $60.84. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.83 and a quick ratio of 2.47. Newmont has a 1 year low of $52.33 and a 1 year high of $72.22. The firm has a market capitalization of $52.35 billion, a P/E ratio of 20.57 and a beta of 0.14.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, February 17th. The basic materials company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.11. Newmont had a net margin of 23.19% and a return on equity of 7.37%. The firm had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same quarter in the previous year, the firm posted $0.50 earnings per share. As a group, equities analysts predict that Newmont will post 2.56 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 18th. Stockholders of record on Thursday, March 4th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Wednesday, March 3rd. This is an increase from Newmont’s previous quarterly dividend of $0.40. Newmont’s payout ratio is currently 166.67%.

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, and Ghana. As of December 31, 2020, it had proven and probable gold reserves of 94.2 million ounces and land position of 58,900 square kilometers.

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