Newmont (NYSE:NEM) Trading Down 6.7% – Time to Sell?

Newmont Corporation (NYSE:NEM) fell 6.7% during trading on Monday . The stock traded as low as $99.06 and last traded at $98.6460. 1,606,798 shares were traded during mid-day trading, a decline of 86% from the average session volume of 11,422,987 shares. The stock had previously closed at $105.78.

Wall Street Analyst Weigh In

NEM has been the subject of a number of research reports. Citigroup increased their price target on shares of Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. UBS Group upped their price target on Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Bank of America increased their price target on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, CIBC set a $112.00 price objective on shares of Newmont and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $96.37.

Newmont Trading Down 5.4%

The stock has a market cap of $109.20 billion, a PE ratio of 15.55, a PEG ratio of 0.74 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The stock’s fifty day moving average price is $90.38 and its 200 day moving average price is $77.66.

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

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,240 shares of company stock worth $943,985 in the last 90 days. Company insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Newmont during the 2nd quarter valued at about $919,170,000. Invesco Ltd. grew its position in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the period. Amundi increased its holdings in Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after buying an additional 343,535 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock worth $687,223,000 after acquiring an additional 711,940 shares during the last quarter. Finally, Boston Partners grew its position in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after acquiring an additional 2,288,653 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

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.