Newmont (NYSE:NEM) Sees Unusually-High Trading Volume After Analyst Upgrade

Newmont Co. (NYSE:NEM) shares saw unusually-high trading volume on Friday after Raymond James raised their price target on the stock from $65.00 to $66.00. Raymond James currently has an outperform rating on the stock. Approximately 6,348,732 shares traded hands during trading, a decline of 38% from the previous session’s volume of 10,256,534 shares.The stock last traded at $47.35 and had previously closed at $49.25.

NEM has been the topic of a number of other research reports. Jefferies Financial Group increased their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and increased their price target for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. UBS Group lifted their price objective on Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $59.00 to $55.00 in a research note on Friday. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.85.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its holdings in Newmont by 13.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 139,631 shares of the basic materials company’s stock valued at $5,004,000 after purchasing an additional 16,902 shares during the period. 180 Wealth Advisors LLC bought a new position in shares of Newmont during the first quarter worth about $207,000. Hexagon Capital Partners LLC lifted its stake in shares of Newmont by 460.1% in the first quarter. Hexagon Capital Partners LLC now owns 6,928 shares of the basic materials company’s stock worth $248,000 after acquiring an additional 5,691 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its holdings in Newmont by 12.2% in the first quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 39,668 shares of the basic materials company’s stock valued at $1,422,000 after acquiring an additional 4,313 shares during the last quarter. Finally, IVC Wealth Advisors LLC increased its position in shares of Newmont by 14.5% during the first quarter. IVC Wealth Advisors LLC now owns 16,700 shares of the basic materials company’s stock worth $599,000 after buying an additional 2,113 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Trading Down 1.7 %

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’s fifty day moving average is $53.39 and its 200-day moving average is $46.82. The firm has a market cap of $55.56 billion, a price-to-earnings ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. Equities analysts anticipate that Newmont Co. will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is -47.17%.

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.