Newmont (NYSE:NEM) Shares Gap Up – Here’s What Happened

Shares of Newmont Corporation (NYSE:NEM) gapped up before the market opened on Wednesday . The stock had previously closed at $115.98, but opened at $123.83. Newmont shares last traded at $125.0810, with a volume of 1,458,082 shares traded.

Analysts Set New Price Targets

NEM has been the topic of a number of recent research reports. Barclays dropped their target price on Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 28th. Scotiabank upped their price target on Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Wall Street Zen cut shares of Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Raymond James Financial lowered their price objective on shares of Newmont from $139.00 to $137.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Finally, Argus set a $110.00 target price on shares of Newmont in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $132.59.

Newmont Stock Up 2.2%

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The firm has a 50-day moving average of $100.96 and a 200 day moving average of $108.80. The stock has a market capitalization of $134.72 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.29 and a beta of 0.47.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter in the previous year, the firm earned $1.43 EPS. As a group, sell-side analysts forecast that Newmont Corporation will post 8.99 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is 13.13%.

Insider Buying and Selling at Newmont

In other news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total transaction of $280,350.00. Following the transaction, the executive vice president owned 40,315 shares in the company, valued at $3,767,436.75. This represents a 6.93% 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. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 over the last quarter. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Leonteq Securities AG bought a new position in Newmont in the fourth quarter valued at approximately $9,018,000. ARS Investment Partners LLC boosted its holdings in shares of Newmont by 3.6% in the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock valued at $69,602,000 after purchasing an additional 23,900 shares in the last quarter. Private Advisory Group LLC acquired a new stake in shares of Newmont in the 2nd quarter valued at $10,430,000. Thrivent Financial for Lutherans increased its stake in shares of Newmont by 37.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 214,282 shares of the basic materials company’s stock valued at $21,440,000 after purchasing an additional 58,690 shares during the last quarter. Finally, iA Global Asset Management Inc. increased its stake in shares of Newmont by 156.9% in the 4th quarter. iA Global Asset Management Inc. now owns 221,790 shares of the basic materials company’s stock valued at $22,146,000 after purchasing an additional 135,446 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.