Newmont Target of Unusually High Options Trading (NYSE:NEM)

Newmont Co. (NYSE:NEM) saw unusually large options trading on Wednesday. Stock traders acquired 53,633 call options on the company. This is an increase of 32% compared to the average daily volume of 40,630 call options.

Newmont Stock Up 3.8 %

NYSE:NEM opened at $44.98 on Thursday. The stock has a 50-day simple moving average of $40.29 and a 200 day simple moving average of $46.55. Newmont has a one year low of $29.42 and a one year high of $58.72. The company has a market capitalization of $51.21 billion, a price-to-earnings ratio of -29.59, a price-to-earnings-growth ratio of 0.36 and a beta of 0.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Insider Transactions at Newmont

In related news, Director Harry M. Iv Conger bought 9,498 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were acquired at an average cost of $42.15 per share, with a total value of $400,340.70. Following the completion of the transaction, the director now owns 14,498 shares of the company’s stock, valued at approximately $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $128,670.00. Following the transaction, the executive vice president now directly owns 79,596 shares of the company’s stock, valued at $3,413,872.44. This trade represents a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,154 shares of company stock valued at $1,166,843 over the last three months. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in the company. Waverton Investment Management Ltd increased its stake in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after purchasing an additional 65,075 shares during the last quarter. Sanctuary Advisors LLC boosted its position in shares of Newmont by 117.3% during the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after buying an additional 18,722 shares during the period. Nordea Investment Management AB grew its stake in shares of Newmont by 173.0% in the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after purchasing an additional 1,578,545 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Newmont by 57.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock valued at $88,580,000 after buying an additional 865,213 shares during the period. Finally, Red Cedar Investment Management LLC bought a new stake in Newmont during the third quarter worth approximately $1,263,000. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. The Goldman Sachs Group started coverage on shares of Newmont in a research note on Monday, January 13th. They set a “buy” rating and a $47.20 price objective for the company. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and lowered their target price for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada lowered their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.44.

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.