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

Newmont Co. (NYSE:NEM) saw an uptick in 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. 6,348,732 shares were traded 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.

Other research analysts also recently issued research reports about the company. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $59.00 to $55.00 in a research note on Friday. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, August 29th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their target price for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group lifted their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Six 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 a consensus rating of “Moderate Buy” and an average price target of $54.85.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock valued at $3,434,640 over the last three months. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in NEM. Vanguard Group Inc. lifted its stake in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after acquiring an additional 1,289,084 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after acquiring an additional 109,084 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Newmont by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after acquiring an additional 545,903 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in Newmont by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after acquiring an additional 313,736 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Down 1.7 %

The firm has a market capitalization of $55.56 billion, a PE ratio of -22.84, a PEG ratio of 0.49 and a beta of 0.50. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $53.39 and a 200 day simple moving average of $46.82.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. As a group, sell-side analysts forecast that Newmont Co. will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.07%. Newmont’s dividend payout ratio is currently -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.