Newmont (NYSE:NEM) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Newmont (NYSE:NEM) issued its quarterly earnings results on Thursday. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.11, Zacks reports. Newmont had a net margin of 33.87% and a return on equity of 27.84%.

Newmont Price Performance

Shares of NEM traded down $1.18 during mid-day trading on Thursday, hitting $94.57. 7,108,515 shares of the stock were exchanged, compared to its average volume of 9,236,252. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The company has a market cap of $100.95 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.10 and a beta of 0.46. Newmont has a 52-week low of $59.96 and a 52-week high of $134.88. The firm has a 50-day moving average of $100.68 and a two-hundred day moving average of $110.11.

Analysts Set New Price Targets

NEM has been the topic of several recent analyst reports. TD Cowen reissued a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Barclays dropped their price target on Newmont from $133.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Bank of America reduced their price objective on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Argus upped their target price on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group cut their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $136.26.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total value of $277,140.00. Following the completion of the transaction, the executive vice president directly owned 43,315 shares of the company’s stock, valued at $4,001,439.70. This trade represents a 6.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 28,556 shares of company stock worth $3,058,146. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its stake in shares of 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 acquiring an additional 1,847 shares during the period. Woodline Partners LP raised its holdings in shares of Newmont by 40.7% in the first 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 period. Sivia Capital Partners LLC bought a new stake in shares of Newmont during the 2nd quarter worth approximately $240,000. Cerity Partners LLC boosted its holdings in Newmont by 108.9% during the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock valued at $7,303,000 after acquiring an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC grew its position in Newmont by 8.5% in the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after acquiring an additional 3,856 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.