Newmont (NYSE:NEM) Shares Gap Up – Here’s What Happened

Newmont Corporation (NYSE:NEM) gapped up prior to trading on Wednesday . The stock had previously closed at $115.98, but opened at $123.83. Newmont shares last traded at $125.0810, with a volume of 1,458,082 shares traded.

Wall Street Analyst Weigh In

NEM has been the subject of several analyst reports. Canadian Imperial Bank of Commerce set a $170.00 target price on Newmont in a report on Friday. Royal Bank Of Canada cut their price objective on Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Wall Street Zen cut shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Bank of America dropped their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Barclays reduced their price target on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.59.

Newmont Trading Up 8.5%

The firm has a market capitalization of $132.62 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The company has a fifty day moving average of $99.71 and a 200-day moving average of $108.70.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same period in the prior year, the firm posted $1.43 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 9 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s dividend payout ratio is currently 13.13%.

Insider Buying and Selling at Newmont

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the sale, the executive vice president owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 32,091 shares of company stock worth $3,292,513 over the last three months. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently modified their holdings of NEM. BlackRock Inc. acquired a new stake in Newmont in the 2nd quarter worth $11,289,753,000. Norges Bank acquired a new position in Newmont in the fourth quarter worth about $1,443,128,000. Bank of New York Mellon Corp bought a new position in shares of Newmont during the 2nd quarter worth approximately $1,219,505,000. Deutsche Bank AG acquired a new stake in shares of Newmont in the 2nd quarter valued at $911,180,000. Finally, Legal & General Group Plc bought a new stake in Newmont during the second quarter worth about $778,894,000. Institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long?lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.