Newmont (NYSE:NEM) Stock Price Down 3.4% - Here's Why

Newmont Co. (NYSE:NEM - Get Free Report)'s stock price dropped 3.4% on Friday . The company traded as low as $53.61 and last traded at $53.83. Approximately 3,332,059 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 9,952,133 shares. The stock had previously closed at $55.70.

Analysts Set New Price Targets

Several analysts have issued reports on NEM shares. National Bankshares restated a "sector perform" rating on shares of Newmont in a report on Wednesday. The Goldman Sachs Group initiated coverage on shares of Newmont in a report on Monday, January 13th. They set a "buy" rating and a $47.20 price target on the stock. TD Securities decreased their price objective on shares of Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a research note on Wednesday, February 26th. StockNews.com raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. Finally, Raymond James raised their target price on Newmont from $54.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.40.

Newmont Stock Performance

The company has a market capitalization of $60.79 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. 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 50-day simple moving average of $47.89 and a two-hundred day simple moving average of $45.13.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.54. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. As a group, sell-side analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be paid 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 payout ratio is presently 34.13%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the completion of the sale, the executive vice president now directly owns 86,526 shares in the company, valued at approximately $3,782,051.46. The trade was a 3.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce R. Brook sold 2,077 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 value of $89,082.53. Following the sale, the director now directly owns 49,993 shares of the company's stock, valued at $2,144,199.77. The trade was a 3.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,154 shares of company stock worth $825,678. Corporate insiders own 0.05% of the company's stock.

Institutional Trading of Newmont

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in Newmont in the 4th quarter worth $626,074,000. Voloridge Investment Management LLC acquired a new stake in shares of Newmont in the fourth quarter valued at about $92,693,000. Capital Research Global Investors increased its stake in shares of Newmont by 70.7% in the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock worth $210,105,000 after purchasing an additional 2,338,953 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Newmont during the 4th quarter worth about $76,281,000. Finally, Invesco Ltd. boosted its stake in Newmont by 23.9% during the 4th quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after purchasing an additional 2,028,150 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.