Newmont (NYSE:NEM) Shares Gap Down - What's Next?

Newmont Co. (NYSE:NEM - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $54.54, but opened at $51.75. Newmont shares last traded at $52.64, with a volume of 4,935,172 shares trading hands.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of recent research reports. TD Securities dropped their target price on Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a research report on Wednesday, February 26th. National Bank Financial upgraded Newmont to a "hold" rating in a research report on Friday, March 21st. Royal Bank of Canada upped their target price on shares of Newmont from $51.00 to $52.00 and gave the company a "sector perform" rating in a research report on Friday, April 4th. National Bankshares reiterated a "sector perform" rating on shares of Newmont in a research report on Wednesday. Finally, Raymond James boosted their price target on shares of Newmont from $54.00 to $63.00 and gave the stock an "outperform" rating in a research note on Friday, April 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $55.02.

Newmont Price Performance

The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm has a market cap of $60.78 billion, a price-to-earnings ratio of 18.44, a P/E/G ratio of 0.41 and a beta of 0.54. The company has a 50 day moving average of $47.76 and a 200 day moving average of $45.17.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.54. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. Equities research analysts predict that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Tuesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 34.13%.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the completion of the transaction, the executive vice president now directly owns 86,526 shares of the company's stock, valued at $3,782,051.46. This represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $89,082.53. Following the transaction, the director now owns 49,993 shares of the company's stock, valued at approximately $2,144,199.77. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,154 shares of company stock worth $825,678 over the last ninety days. Company insiders own 0.05% of the company's stock.

Hedge Funds Weigh In On Newmont

A number of large investors have recently bought and sold shares of NEM. McIlrath & Eck LLC grew its position in Newmont by 80.6% in the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company's stock valued at $43,000 after purchasing an additional 361 shares in the last quarter. Virtu Financial LLC boosted its stake in shares of Newmont by 183.2% during the 3rd quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company's stock worth $1,237,000 after buying an additional 14,967 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Newmont in the 3rd quarter valued at about $422,000. Cim Investment Management Inc. bought a new position in shares of Newmont in the 3rd quarter valued at about $1,033,000. Finally, Tidal Investments LLC increased its position in shares of Newmont by 5.4% in the third quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company's stock valued at $8,749,000 after acquiring an additional 8,412 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.