Newmont (NYSE:NEM) Sees Large Volume Increase – Here’s Why

Newmont Co. (NYSE:NEM) saw unusually-high trading volume on Friday . Approximately 6,348,732 shares were traded during trading, a decline of 38% from the previous session’s volume of 10,256,534 shares.The stock last traded at $47.35 and had previously closed at $49.25.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NEM shares. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, August 29th. UBS Group lifted their price objective on shares of Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Veritas upgraded Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Finally, Jefferies Financial Group upped their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus price target of $54.15.

Newmont Trading Down 1.0 %

The stock has a market capitalization of $55.93 billion, a PE ratio of -23.23, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The business’s 50-day moving average is $53.43 and its two-hundred day moving average is $46.74.

Newmont (NYSE:NEM) last posted its quarterly earnings results 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 negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Newmont Co. will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -47.17%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal 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 that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,000 shares of company stock valued at $3,434,640. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. lifted its position in shares of Newmont by 7.5% in the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock valued at $271,000 after acquiring an additional 529 shares in the last quarter. Herr Investment Group LLC purchased a new position in Newmont in the 2nd quarter valued at about $419,000. Truist Financial Corp boosted its stake in shares of Newmont by 8.1% during the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after purchasing an additional 11,276 shares during the last quarter. Primoris Wealth Advisors LLC purchased a new stake in shares of Newmont during the second quarter worth about $607,000. Finally, Forsta AP Fonden grew its stake in Newmont by 9.6% in the 1st quarter. Forsta AP Fonden now owns 252,100 shares of the basic materials company’s stock worth $9,035,000 after acquiring an additional 22,100 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.