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

Newmont Co. (NYSE:NEM) 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 have also recently weighed in on the stock. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 6.42 % 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 worth $2,444,440. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors have recently added to or reduced their stakes in the stock. Waverton Investment Management Ltd increased its position in shares of Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after buying an additional 65,075 shares during the period. Red Cedar Investment Management LLC bought a new stake in Newmont during the third quarter valued at $1,263,000. Bessemer Group Inc. grew its holdings in Newmont by 7.5% during the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 529 shares during the period. Herr Investment Group LLC bought a new position in shares of Newmont in the 2nd quarter worth about $419,000. Finally, Truist Financial Corp lifted its stake in shares of Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after purchasing an additional 11,276 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Down 2.8 %

The company has a market cap of $48.01 billion, a P/E ratio of -27.70, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51. The firm has a 50-day moving average of $50.23 and a 200 day moving average of $47.51. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS 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 company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the business earned $0.36 EPS. The business’s quarterly revenue was up 84.7% compared to the same quarter last year. On average, analysts predict that Newmont Co. will post 3.09 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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