Newmont (NYSE:NEM) Shares Gap Down on Analyst Downgrade

Newmont Co. (NYSE:NEM) shares gapped down prior to trading on Monday after Raymond James lowered their price target on the stock from $62.00 to $59.00. The stock had previously closed at $43.38, but opened at $41.87. Raymond James currently has an outperform rating on the stock. Newmont shares last traded at $42.06, with a volume of 926,066 shares changing hands.

Several other equities research analysts also recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Jefferies Financial Group boosted their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Finally, Royal Bank of Canada cut their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This represents a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of NEM. LRI Investments LLC purchased a new position in Newmont in the first quarter valued at about $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont during the 2nd quarter worth about $25,000. Meeder Asset Management Inc. bought a new position in Newmont in the 2nd quarter worth about $27,000. Hoese & Co LLP purchased a new position in Newmont during the 3rd quarter valued at about $27,000. Finally, Avior Wealth Management LLC increased its position in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

The business’s fifty day moving average price is $49.80 and its 200-day moving average price is $47.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market capitalization of $48.09 billion, a PE ratio of -27.79, a P/E/G ratio of 0.38 and a beta of 0.51.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the previous year, the company posted $0.36 EPS. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities research analysts expect that Newmont Co. will post 3.09 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. Newmont’s dividend payout ratio is currently -65.79%.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.