Newmont (NYSE:NEM) Stock Price Down 2.3% - Here's What Happened

Shares of Newmont Co. (NYSE:NEM - Get Free Report) were down 2.3% during trading on Wednesday . The stock traded as low as $51.64 and last traded at $53.27. Approximately 9,566,125 shares were traded during trading, a decline of 4% from the average daily volume of 9,926,989 shares. The stock had previously closed at $54.54.

Analyst Ratings Changes

Several research firms have issued reports on NEM. UBS Group upgraded shares of Newmont from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $50.00 to $60.00 in a research report on Friday, April 11th. National Bankshares restated a "sector perform" rating on shares of Newmont in a report on Wednesday. The Goldman Sachs Group started coverage on Newmont in a report on Monday, January 13th. They set a "buy" rating and a $47.20 target price for the company. National Bank Financial raised Newmont to a "hold" rating in a research note on Friday, March 21st. Finally, TD Securities reduced 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and a consensus price target of $55.02.

Newmont Trading Down 3.7 %

The firm has a market capitalization of $60.47 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a fifty day moving average of $47.76 and a 200-day moving average of $45.17.

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

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 34.13%.

Insider Transactions at Newmont

In related news, COO Natascha Viljoen sold 9,000 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $386,010.00. Following the completion of the sale, the chief operating officer now directly owns 136,967 shares in the company, valued at approximately $5,874,514.63. This represents a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $128,670.00. Following the transaction, the executive vice president now owns 79,596 shares in the company, valued at approximately $3,413,872.44. This trade represents a 3.63 % 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 in the last 90 days. 0.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB lifted its stake in shares of Newmont by 173.0% in the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company's stock worth $92,832,000 after buying an additional 1,578,545 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Newmont by 57.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company's stock worth $88,580,000 after acquiring an additional 865,213 shares during the period. Brookstone Capital Management acquired a new position in Newmont during the 4th quarter worth $245,000. Moody National Bank Trust Division boosted its holdings in Newmont by 13.6% during the fourth quarter. Moody National Bank Trust Division now owns 22,079 shares of the basic materials company's stock valued at $822,000 after acquiring an additional 2,645 shares during the period. Finally, Avanza Fonder AB acquired a new stake in shares of Newmont in the fourth quarter valued at about $4,269,000. Institutional investors 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.