Newmont (NYSE:NEM) Shares Gap Down - Time to Sell?

Newmont Co. (NYSE:NEM - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $45.04, but opened at $43.32. Newmont shares last traded at $43.42, with a volume of 2,216,119 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on NEM shares. CIBC lowered shares of Newmont from a "sector outperform" rating to a "neutral" rating in a report on Monday, October 28th. UBS Group downgraded shares of Newmont from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Royal Bank of Canada lowered their target price on shares of Newmont from $54.00 to $53.00 and set a "sector perform" rating for the company in a research note on Thursday, October 24th. Raymond James increased their price target on Newmont from $65.00 to $66.00 and gave the stock an "outperform" rating in a research note on Friday, October 25th. Finally, Scotiabank downgraded Newmont from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.14.

Newmont Trading Down 5.9 %

The business's 50-day moving average price is $52.17 and its 200 day moving average price is $47.46. The firm has a market capitalization of $48.25 billion, a price-to-earnings ratio of -28.00, a PEG ratio of 0.37 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to analysts' expectations of $4.67 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The business's quarterly revenue was up 84.7% on a year-over-year basis. On average, equities analysts forecast that Newmont Co. will post 3.15 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.36%. Newmont's dividend payout ratio (DPR) is -65.79%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $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 can be accessed through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated 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 in the company, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 owns 291,469 shares in the company, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock worth $2,444,440 over the last quarter. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Avior Wealth Management LLC grew its stake in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 326 shares in the last quarter. Hoese & Co LLP purchased a new stake in shares of Newmont during the third quarter worth $27,000. Prospera Private Wealth LLC purchased a new position in Newmont in the third quarter valued at about $28,000. Highline Wealth Partners LLC purchased a new stake in shares of Newmont during the 3rd quarter worth about $32,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Newmont in the 2nd quarter valued at $27,000. 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.

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