Newmont (NYSE:NEM) Trading Down 1.5% - Here's Why

Newmont Co. (NYSE:NEM - Get Free Report)'s share price dropped 1.5% during mid-day trading on Thursday . The stock traded as low as $54.77 and last traded at $55.11. Approximately 3,636,028 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 9,830,719 shares. The stock had previously closed at $55.95.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NEM shares. Royal Bank of Canada increased 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. Raymond James raised their price objective on Newmont from $54.00 to $63.00 and gave the stock an "outperform" rating in a report on Friday, April 4th. Scotiabank reissued a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. TD Securities cut their price target on Newmont from $46.00 to $45.00 and set a "hold" rating on the stock in a research report on Wednesday, February 26th. Finally, BMO Capital Markets initiated coverage on Newmont in a report on Wednesday. They issued an "outperform" rating and a $63.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus target price of $55.02.

Newmont Trading Down 1.6 %

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 business has a 50 day moving average price of $47.14 and a 200-day moving average price of $45.07. The firm has a market capitalization of $62.08 billion, a PE ratio of 18.80, a P/E/G ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.32 billion. Analysts expect that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th were given a $0.25 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.82%. Newmont's dividend payout ratio is presently 34.13%.

Insider Activity

In related news, COO Natascha Viljoen sold 9,000 shares of Newmont stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $386,010.00. Following the transaction, the chief operating officer now owns 136,967 shares in the company, valued at approximately $5,874,514.63. This trade represents a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company's 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 completion of 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. Insiders have sold 19,154 shares of company stock worth $825,678 over the last three months. 0.05% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

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