Newmont Co. (NYSE:NEM – Get Rating) shares hit a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $44.00 and last traded at $44.59, with a volume of 36659563 shares. The stock had previously closed at $51.39.
The basic materials company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.24). Newmont had a return on equity of 10.24% and a net margin of 8.53%. The business had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the previous year, the firm posted $0.83 earnings per share. The firm’s revenue was down .2% compared to the same quarter last year.
Newmont Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be given a dividend of $0.55 per share. The ex-dividend date is Wednesday, September 7th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.93%. Newmont’s payout ratio is 167.94%.
Wall Street Analyst Weigh In
NEM has been the subject of several recent analyst reports. Raymond James dropped their price objective on Newmont from $92.00 to $88.00 and set an “outperform” rating for the company in a research report on Monday, April 25th. TD Securities dropped their target price on Newmont from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Monday, April 25th. National Bankshares dropped their target price on Newmont from $119.00 to $115.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 26th. Canaccord Genuity Group dropped their target price on Newmont from $87.00 to $80.00 and set a “hold” rating for the company in a research report on Tuesday, April 26th. Finally, Credit Suisse Group downgraded Newmont from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 19th. Fourteen analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $75.97.
Insiders Place Their Bets
In other news, CFO Nancy Buese sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $61.50, for a total value of $615,000.00. Following the completion of the sale, the chief financial officer now owns 39,530 shares of the company’s stock, valued at approximately $2,431,095. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Nancy Buese sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $61.50, for a total value of $615,000.00. Following the completion of the sale, the chief financial officer now owns 39,530 shares of the company’s stock, valued at approximately $2,431,095. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Robert D. Atkinson sold 3,000 shares of the business’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $71.20, for a total value of $213,600.00. Following the completion of the sale, the chief operating officer now directly owns 70,617 shares of the company’s stock, valued at approximately $5,027,930.40. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $3,657,300 over the last 90 days. Insiders own 0.11% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of NEM. Vectors Research Management LLC purchased a new position in shares of Newmont during the 4th quarter worth approximately $25,000. Rational Advisors LLC grew its stake in shares of Newmont by 133.7% in the 4th quarter. Rational Advisors LLC now owns 416 shares of the basic materials company’s stock worth $26,000 after buying an additional 238 shares during the last quarter. Lloyd Advisory Services LLC. purchased a new stake in shares of Newmont in the 1st quarter worth approximately $28,000. Central Bank & Trust Co. purchased a new stake in shares of Newmont in the 1st quarter worth approximately $29,000. Finally, Pacific Center for Financial Services purchased a new stake in shares of Newmont in the 1st quarter worth approximately $30,000. Institutional investors own 78.41% of the company’s stock.
Newmont Price Performance
The company has a current ratio of 2.92, a quick ratio of 2.53 and a debt-to-equity ratio of 0.28. The company has a market cap of $35.39 billion, a PE ratio of 34.04 and a beta of 0.43. The firm has a 50 day moving average of $62.49 and a two-hundred day moving average of $67.99.
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, 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.