Newmont (NYSE:NEM) Announces Quarterly Earnings Results

Newmont (NYSE:NEM) posted its quarterly earnings data on Thursday. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.11, Zacks reports. Newmont had a net margin of 33.87% and a return on equity of 27.84%.

Newmont Trading Down 1.2%

Shares of NEM stock traded down $1.18 during mid-day trading on Thursday, reaching $94.57. The stock had a trading volume of 7,180,387 shares, compared to its average volume of 9,237,276. The stock’s 50-day moving average price is $100.68 and its two-hundred day moving average price is $110.11. The firm has a market capitalization of $100.95 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.10 and a beta of 0.46. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont has a 52-week low of $59.96 and a 52-week high of $134.88.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent research reports. BMO Capital Markets reduced their price objective on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 23rd. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. TD raised shares of Newmont from a “hold” rating to a “buy” rating and cut their price objective for the company from $129.00 to $127.00 in a research note on Tuesday, July 14th. National Bank Financial decreased their target price on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Finally, Bank of America lowered their price target on shares of Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average price target of $136.26.

Insiders Place Their Bets

In related news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,556 shares of company stock valued at $3,058,146 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of NEM. Swiss RE Ltd. purchased a new position in shares of Newmont in the 4th quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new stake in Newmont in the third quarter worth $27,000. Wilkerson Advisory Group LLC purchased a new stake in shares of Newmont in the 4th quarter worth about $42,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Newmont in the 4th quarter worth about $43,000. Finally, Bank of Jackson Hole Trust increased its stake in shares of Newmont by 130.0% in the 4th quarter. Bank of Jackson Hole Trust now owns 575 shares of the basic materials company’s stock worth $57,000 after acquiring an additional 325 shares in the last quarter. 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.