Newmont Target of Unusually Large Options Trading (NYSE:NEM)

Newmont Co. (NYSE:NEM) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 53,633 call options on the stock. This is an increase of 32% compared to the typical daily volume of 40,630 call options.

Newmont Stock Up 4.6 %

Shares of NYSE NEM traded up $1.97 during mid-day trading on Wednesday, reaching $45.32. The company had a trading volume of 6,363,331 shares, compared to its average volume of 8,244,876. The firm has a 50 day simple moving average of $40.29 and a two-hundred day simple moving average of $46.55. 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 has a 52-week low of $29.42 and a 52-week high of $58.72. The stock has a market cap of $51.60 billion, a P/E ratio of -29.76, a PEG ratio of 0.36 and a beta of 0.52.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the executive vice president now owns 82,596 shares in the company, valued at approximately $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harry M. Iv Conger acquired 9,498 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were bought at an average price of $42.15 per share, with a total value of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. The trade was a 189.96 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 14,077 shares of company stock valued at $563,080 in the last ninety days. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Several large investors have recently modified their holdings of the stock. Proficio Capital Partners LLC acquired a new position in Newmont in the 4th quarter valued at $3,956,000. Mn Services Vermogensbeheer B.V. lifted its holdings in Newmont by 3.4% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 459,380 shares of the basic materials company’s stock worth $17,098,000 after buying an additional 15,200 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new stake in shares of Newmont during the fourth quarter worth approximately $579,000. Apriem Advisors bought a new position in Newmont during the 4th quarter worth approximately $411,000. Finally, Whipplewood Advisors LLC acquired a new stake in Newmont during the fourth quarter worth about $79,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Raymond James dropped their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Royal Bank of Canada cut their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Finally, Scotiabank dropped their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $53.44.

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.