Newmont Target of Unusually High Options Trading (NYSE:NEM)

Newmont Corporation (NYSE:NEM) was the recipient of some unusual options trading activity on Monday. Stock investors purchased 67,628 call options on the stock. This represents an increase of 91% compared to the typical daily volume of 35,433 call options.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NEM shares. Canaccord Genuity Group boosted their price target on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Canadian Imperial Bank of Commerce dropped their target price on shares of Newmont from $71.00 to $67.00 in a report on Friday. Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group upped their price target on Newmont from $136.00 to $158.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Finally, Raymond James Financial lifted their price objective on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $129.73.

Newmont Stock Down 0.7%

Newmont stock traded down $0.87 during trading on Monday, reaching $129.13. The stock had a trading volume of 6,917,291 shares, compared to its average volume of 9,946,501. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. Newmont has a 52-week low of $41.93 and a 52-week high of $134.88. The stock has a market cap of $140.48 billion, a PE ratio of 20.20, a P/E/G ratio of 1.08 and a beta of 0.40. The business has a 50 day moving average price of $115.77 and a 200 day moving average price of $95.34.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. The business had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company’s revenue was up 20.6% on a year-over-year basis. During the same period last year, the business earned $1.40 EPS. On average, analysts predict that Newmont will post 3.45 EPS for the current year.

Newmont Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be issued a dividend of $0.26 per share. This is a positive change from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s dividend payout ratio (DPR) is presently 16.28%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Brighton Jones LLC boosted its holdings in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP lifted its position in shares of Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after buying an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Newmont in the 2nd quarter valued at $240,000. Envestnet Asset Management Inc. grew its position in shares of Newmont by 176.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in Newmont by 9.7% during the 2nd quarter. Bessemer Group Inc. now owns 12,934 shares of the basic materials company’s stock worth $753,000 after acquiring an additional 1,143 shares in the last quarter. Hedge funds and other 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.