Newmont (NYSE:NEM) Trading Down 1% – Time to Sell?

Newmont Corporation (NYSE:NEM) shares were down 1% on Thursday . The stock traded as low as $104.40 and last traded at $106.9040. Approximately 7,179,718 shares traded hands during trading, a decline of 18% from the average daily volume of 8,805,334 shares. The stock had previously closed at $108.01.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NEM shares. Macquarie upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. BNP Paribas Exane downgraded Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 price objective on the stock. in a research note on Friday, December 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $71.50 to $114.00 in a report on Thursday, October 23rd. Finally, CIBC set a $112.00 price target on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Five analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $97.08.

Newmont Stock Performance

The company has a market capitalization of $118.94 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 0.79 and a beta of 0.41. The company has a 50 day moving average price of $94.34 and a 200 day moving average price of $80.57. 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 announced its quarterly earnings data 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 firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm posted $0.81 earnings per share. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Norges Bank bought a new position in shares of Newmont during the second quarter valued at about $919,170,000. Invesco Ltd. increased its stake in Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock worth $687,223,000 after buying an additional 711,940 shares in the last quarter. Boston Partners boosted its stake in shares of Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after buying an additional 2,288,653 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Newmont by 33.8% in the third quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock valued at $414,270,000 after acquiring an additional 1,244,845 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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.