Newmont (NYSE:NEM) Stock Price Down 0.8%

Newmont Co. (NYSE:NEM)’s share price dropped 0.8% on Wednesday . The stock traded as low as $48.33 and last traded at $48.64. Approximately 911,048 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 10,979,844 shares. The stock had previously closed at $49.02.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. TD Securities boosted their price objective on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $50.00 in a research report on Monday, June 17th. Finally, BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $50.00.

Newmont Price Performance

The stock’s 50 day moving average price is $44.79 and its two-hundred day moving average price is $39.84. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The firm has a market capitalization of $56.80 billion, a price-to-earnings ratio of -18.22, a PEG ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the previous year, the company earned $0.33 earnings per share. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, equities research analysts anticipate that Newmont Co. will post 2.76 EPS for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s payout ratio is -37.45%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after buying an additional 36,170,995 shares during the period. Van ECK Associates Corp increased its holdings in Newmont by 57.2% in the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after buying an additional 18,664,614 shares during the period. Norges Bank bought a new stake in Newmont in the 4th quarter valued at $604,516,000. Charles Schwab Investment Management Inc. increased its holdings in Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after buying an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.