Short Interest in Newmont Corporation (NYSE:NEM) Increases By 19.7%

Newmont Corporation (NYSE:NEM) was the recipient of a significant increase in short interest in February. As of February 27th, there was short interest totaling 22,395,669 shares, an increase of 19.7% from the February 12th total of 18,702,308 shares. Currently, 2.1% of the company’s stock are short sold. Based on an average trading volume of 9,497,887 shares, the days-to-cover ratio is currently 2.4 days. Based on an average trading volume of 9,497,887 shares, the days-to-cover ratio is currently 2.4 days. Currently, 2.1% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NEM. 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. BMO Capital Markets reduced their price objective on shares of Newmont from $145.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, February 20th. Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Bank of America raised their price target on shares of Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Stifel Nicolaus lifted their price target on Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Newmont has an average rating of “Buy” and a consensus target price of $134.15.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. GoalVest Advisory LLC purchased a new position in Newmont during the fourth quarter worth about $25,000. Physician Wealth Advisors Inc. grew its holdings in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Swiss RE Ltd. purchased a new position in shares of Newmont during the fourth quarter worth about $26,000. Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares during the last quarter. Finally, JPL Wealth Management LLC purchased a new stake in Newmont in the third quarter valued at approximately $27,000. 68.85% of the stock is owned by institutional investors.

Newmont Stock Performance

Shares of NYSE NEM traded down $3.29 during trading on Wednesday, reaching $107.76. 4,174,582 shares of the stock traded hands, compared to its average volume of 9,798,849. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The stock has a market capitalization of $117.22 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 0.85 and a beta of 0.39. Newmont has a 52-week low of $42.93 and a 52-week high of $134.88. The company has a 50-day moving average of $118.89 and a 200-day moving average of $99.20.

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, 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 company had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. During the same quarter last year, the firm posted $1.40 EPS. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. Analysts forecast that Newmont will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. This is an increase from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is presently 16.28%.

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.