Newmont Co. (NYSE:NEM – Get Free Report) shares reached a new 52-week low on Wednesday after Jefferies Financial Group lowered their price target on the stock from $44.00 to $38.00. The stock traded as low as $34.95 and last traded at $35.03, with a volume of 928101 shares. The stock had previously closed at $35.21.
NEM has been the subject of a number of other reports. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating and lowered their target price for the stock from $54.00 to $50.00 in a report on Friday, July 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.00 price objective on shares of Newmont in a research note on Wednesday, September 6th. StockNews.com assumed coverage on shares of Newmont in a research note on Thursday, August 17th. They set a “hold” rating on the stock. TD Securities reduced their price target on shares of Newmont from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, July 24th. Finally, Raymond James dropped their price objective on shares of Newmont from $62.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, September 7th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.82.
Insider Activity at Newmont
In other Newmont news, COO Robert D. Atkinson sold 5,500 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $39.91, for a total value of $219,505.00. Following the completion of the sale, the chief operating officer now directly owns 76,251 shares of the company’s stock, valued at approximately $3,043,177.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Robert D. Atkinson sold 5,500 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $39.91, for a total value of $219,505.00. Following the completion of the transaction, the chief operating officer now directly owns 76,251 shares of the company’s stock, valued at $3,043,177.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $39.91, for a total value of $439,010.00. Following the completion of the transaction, the chief executive officer now directly owns 256,039 shares in the company, valued at approximately $10,218,516.49. The disclosure for this sale can be found here. Insiders have sold 27,683 shares of company stock valued at $1,129,579 over the last ninety days. Corporate insiders own 0.07% of the company’s stock.
Institutional Investors Weigh In On Newmont
Large investors have recently modified their holdings of the stock. Compass Wealth Management LLC bought a new position in shares of Newmont during the 4th quarter worth $25,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Newmont in the first quarter valued at approximately $26,000. Stone House Investment Management LLC lifted its stake in shares of Newmont by 1,241.3% during the 2nd quarter. Stone House Investment Management LLC now owns 617 shares of the basic materials company’s stock valued at $26,000 after buying an additional 571 shares in the last quarter. Sittner & Nelson LLC boosted its holdings in Newmont by 177.5% in the 1st quarter. Sittner & Nelson LLC now owns 555 shares of the basic materials company’s stock worth $27,000 after buying an additional 355 shares during the period. Finally, Nemes Rush Group LLC purchased a new position in Newmont in the 2nd quarter valued at approximately $28,000. Hedge funds and other institutional investors own 79.53% of the company’s stock.
Newmont Price Performance
The business’s fifty day simple moving average is $39.48 and its 200-day simple moving average is $43.28. The company has a current ratio of 2.28, a quick ratio of 1.87 and a debt-to-equity ratio of 0.31. The firm has a market cap of $27.93 billion, a P/E ratio of -36.68, a PEG ratio of 1.47 and a beta of 0.40.
Newmont (NYSE:NEM – Get Free Report) last issued its quarterly earnings data on Thursday, July 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Newmont had a positive return on equity of 5.74% and a negative net margin of 6.77%. The business’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS. As a group, analysts forecast that Newmont Co. will post 2.04 EPS for the current fiscal year.
Newmont Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.55%. Newmont’s dividend payout ratio (DPR) is currently -166.66%.
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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.