Newmont Co. (NYSE:NEM – Get Rating) saw a large decrease in short interest in the month of April. As of April 30th, there was short interest totalling 7,850,000 shares, a decrease of 13.8% from the April 15th total of 9,110,000 shares. Based on an average daily trading volume, of 8,260,000 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.0% of the shares of the company are short sold.
NEM opened at $65.50 on Wednesday. The firm has a market capitalization of $51.98 billion, a PE ratio of 50.00 and a beta of 0.36. Newmont has a twelve month low of $52.60 and a twelve month high of $86.37. The firm’s 50-day moving average price is $75.99 and its 200 day moving average price is $66.19. The company has a current ratio of 2.92, a quick ratio of 2.53 and a debt-to-equity ratio of 0.28.
Newmont (NYSE:NEM – Get Rating) last posted its quarterly earnings results on Friday, April 22nd. The basic materials company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.06 billion. Newmont had a return on equity of 10.24% and a net margin of 8.53%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 earnings per share. As a group, analysts predict that Newmont will post 3.49 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Thursday, June 2nd will be given a dividend of $0.55 per share. The ex-dividend date is Wednesday, June 1st. This represents a $2.20 dividend on an annualized basis and a yield of 3.36%. Newmont’s payout ratio is presently 167.94%.
In related news, CFO Nancy Buese sold 10,000 shares of the stock in a transaction that occurred on Wednesday, March 30th. The shares were sold at an average price of $79.00, for a total value of $790,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $66.94, for a total transaction of $468,580.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,843 shares of company stock worth $5,199,013. 0.11% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Vectors Research Management LLC acquired a new position in Newmont during the fourth quarter worth about $25,000. Rational Advisors LLC boosted its holdings in Newmont by 133.7% in the 4th quarter. Rational Advisors LLC now owns 416 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 238 shares during the last quarter. Avondale Wealth Management acquired a new position in Newmont in the 4th quarter valued at about $28,000. Lloyd Advisory Services LLC. acquired a new position in Newmont in the 1st quarter valued at about $28,000. Finally, Clearstead Advisors LLC acquired a new position in Newmont in the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 78.41% of the company’s stock.
A number of brokerages have recently commented on NEM. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $75.00 to $72.00 in a research note on Monday, January 24th. Jefferies Financial Group raised their price objective on shares of Newmont from $67.00 to $72.00 and gave the stock a “hold” rating in a research note on Wednesday, March 9th. Bank of America raised their price objective on shares of Newmont from $70.00 to $75.00 in a research note on Monday, February 28th. Sanford C. Bernstein cut shares of Newmont from an “outperform” rating to a “market perform” rating and set a $57.00 price objective on the stock. in a research note on Monday, April 25th. Finally, StockNews.com began coverage on Newmont in a research report on Thursday, March 31st. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $74.69.
Newmont Company Profile (Get Rating)
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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.