Newmont Sees Unusually High Options Volume (NYSE:NEM)

Newmont Co. (NYSE:NEM) was the recipient of some unusual options trading on Monday. Stock traders purchased 51,593 call options on the company. This represents an increase of 46% compared to the average daily volume of 35,327 call options.

Newmont Trading Up 0.0 %

Shares of NEM traded up $0.01 during trading hours on Monday, hitting $54.48. The stock had a trading volume of 8,432,785 shares, compared to its average volume of 10,443,314. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The firm has a market cap of $62.82 billion, a P/E ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. The company’s fifty day simple moving average is $50.10 and its 200 day simple moving average is $43.61. Newmont has a 12-month low of $29.42 and a 12-month high of $55.67.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the company posted $0.33 earnings per share. The firm’s revenue was up 64.1% compared to the same quarter last year. Equities research analysts forecast that Newmont will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is -37.45%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and increased their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Finally, BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $52.62.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,000 shares of company stock worth $2,744,700. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of NEM. Clearbridge Investments LLC grew its stake in Newmont by 12.6% in the fourth quarter. Clearbridge Investments LLC now owns 31,919 shares of the basic materials company’s stock worth $1,321,000 after purchasing an additional 3,575 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Newmont by 47.8% in the fourth quarter. Corient Private Wealth LLC now owns 80,294 shares of the basic materials company’s stock valued at $3,323,000 after acquiring an additional 25,976 shares during the period. Quest Partners LLC acquired a new position in Newmont in the fourth quarter valued at approximately $269,000. EverSource Wealth Advisors LLC boosted its stake in Newmont by 417.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,869 shares of the basic materials company’s stock valued at $77,000 after acquiring an additional 1,508 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Newmont by 2.2% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 136,414 shares of the basic materials company’s stock valued at $5,646,000 after acquiring an additional 2,918 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.