Newmont (NYSE:NEM) Stock Price Down 6.3% – What’s Next?

Newmont Corporation (NYSE:NEM)’s share price dropped 6.3% during trading on Thursday . The stock traded as low as $81.89 and last traded at $81.9810. Approximately 12,260,132 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 11,717,200 shares. The stock had previously closed at $87.51.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on NEM shares. CIBC set a $112.00 target price on Newmont and gave the stock an “outperformer” rating in a research report on Friday, October 10th. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. TD Securities boosted their price objective on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. National Bank Financial upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Finally, Raymond James Financial set a $99.00 price target on shares of Newmont and gave the company an “outperform” rating in a research report on Friday, October 24th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.99.

Newmont Trading Down 6.3%

The firm’s 50 day moving average is $85.20 and its 200 day moving average is $69.54. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The company has a market cap of $89.46 billion, a PE ratio of 12.73, a PEG ratio of 0.53 and a beta of 0.33.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. On average, equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is presently 15.53%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the transaction, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 11,237 shares of company stock worth $906,799. Insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Centaurus Financial Inc. bought a new stake in shares of Newmont during the 3rd quarter worth $188,000. First Affirmative Financial Network raised its position in Newmont by 13.2% during the third quarter. First Affirmative Financial Network now owns 4,986 shares of the basic materials company’s stock valued at $420,000 after purchasing an additional 582 shares in the last quarter. Caerus Investment Advisors LLC bought a new stake in Newmont during the third quarter worth about $561,000. Captrust Financial Advisors boosted its holdings in shares of Newmont by 1.3% in the 3rd quarter. Captrust Financial Advisors now owns 178,632 shares of the basic materials company’s stock worth $15,060,000 after purchasing an additional 2,357 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its position in shares of Newmont by 23.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 20,986 shares of the basic materials company’s stock valued at $1,769,000 after purchasing an additional 4,049 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

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.