Newmont Corporation (NYSE:NEM) Short Interest Update

Newmont Corporation (NYSE:NEM) was the target 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. Based on an average daily trading volume, of 9,497,887 shares, the days-to-cover ratio is presently 2.4 days. Currently, 2.1% of the company’s stock are sold short. Currently, 2.1% of the company’s stock are sold short. Based on an average daily trading volume, of 9,497,887 shares, the days-to-cover ratio is presently 2.4 days.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GoalVest Advisory LLC bought a new position in shares of Newmont in the fourth quarter valued at approximately $25,000. Physician Wealth Advisors Inc. boosted its holdings in shares of Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares during the period. Swiss RE Ltd. bought a new stake in shares of Newmont during the 4th quarter worth $26,000. Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after buying an additional 206 shares during the last quarter. Finally, JPL Wealth Management LLC acquired a new position in Newmont in the 3rd quarter valued at $27,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent research reports. BMO Capital Markets reduced their price target on Newmont from $145.00 to $140.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Citigroup increased their price objective on shares of Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. National Bank Financial lifted their price objective on shares of Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 4th. TD Securities reduced their target price on shares of Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, March 3rd. Finally, TD Cowen upped their target price on shares of Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday, January 22nd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $134.15.

Newmont Stock Up 0.7%

NEM stock traded up $0.78 during midday trading on Tuesday, reaching $110.97. The company had a trading volume of 7,069,929 shares, compared to its average volume of 9,644,471. The company has a 50 day moving average of $118.89 and a two-hundred day moving average of $99.20. The company has a market capitalization of $120.72 billion, a P/E ratio of 17.37, a PEG ratio of 0.85 and a beta of 0.39. Newmont has a 1 year low of $42.93 and a 1 year high of $134.88. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.18 billion. During the same period in the previous year, the company posted $1.40 EPS. Newmont’s revenue was up 20.6% on a year-over-year basis. On average, equities research analysts expect that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. This is a boost from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, March 3rd. Newmont’s dividend payout ratio is presently 16.28%.

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.