Newmont (NYSE:NEM) Trading Down 6.3% – Time to Sell?

Newmont Corporation (NYSE:NEM) shares traded down 6.3% during trading on Thursday . The stock traded as low as $81.89 and last traded at $81.9810. 12,260,132 shares changed hands during trading, an increase of 5% from the average session volume of 11,717,200 shares. The stock had previously closed at $87.51.

Analysts Set New Price Targets

NEM has been the subject of several recent research reports. Bank of America increased their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. UBS Group upped their target price on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. BNP Paribas lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. BNP Paribas Exane boosted their price target on shares of Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Finally, Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. Four research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.99.

Newmont Stock Down 6.3%

The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The company has a market cap of $89.46 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 0.53 and a beta of 0.33. The stock’s 50-day moving average is $85.20 and its 200-day moving average is $69.54.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 earnings per share. On average, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont’s dividend payout ratio is presently 15.53%.

Insider Buying and Selling

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the transaction, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,237 shares of company stock worth $906,799 over the last ninety days. 0.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Norges Bank purchased a new position in Newmont in the second quarter worth $919,170,000. Nuveen LLC bought a new stake in shares of Newmont during the 1st quarter worth $306,507,000. Pacer Advisors Inc. boosted its holdings in shares of Newmont by 4,203.5% in the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after buying an additional 5,251,616 shares during the last quarter. Invesco Ltd. grew its position in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the period. Finally, Boston Partners increased its holdings in Newmont by 4,090.7% during the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after buying an additional 4,532,263 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

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.