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

Newmont Co. (NYSE:NEM) gapped down before the market opened on Monday . The stock had previously closed at $53.98, but opened at $51.02. Newmont shares last traded at $51.32, with a volume of 4,211,261 shares.

Analysts Set New Price Targets

NEM has been the subject of several recent analyst reports. Scotiabank restated a “sector perform” rating on shares of Newmont in a research report on Monday, April 14th. Royal Bank of Canada lifted their target price on Newmont from $51.00 to $52.00 and gave the company a “sector perform” rating in a research report on Friday, April 4th. Argus set a $63.00 price objective on Newmont in a research report on Friday, April 25th. StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Finally, UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and increased their target price for the stock from $50.00 to $60.00 in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.63.

Newmont Stock Down 5.9%

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company has a market cap of $56.55 billion, a price-to-earnings ratio of 17.33, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31. The business has a 50-day simple moving average of $49.69 and a 200-day simple moving average of $44.88.

Newmont (NYSE:NEM) 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. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter last year, the company earned $0.55 EPS. On average, equities 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. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Tuesday, May 27th. Newmont’s dividend payout ratio (DPR) is presently 22.42%.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $90,785.67. Following the transaction, the director now owns 47,916 shares of the company’s stock, valued at $2,094,408.36. The trade was a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont 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 transaction, the executive vice president now directly owns 86,526 shares in the company, valued at approximately $3,782,051.46. This trade represents a 3.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,154 shares of company stock valued at $328,840. Corporate insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SOA Wealth Advisors LLC. increased its holdings in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 201 shares during the period. Cloud Capital Management LLC acquired a new position in shares of Newmont in the first quarter valued at approximately $26,000. Private Trust Co. NA increased its holdings in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 347 shares during the period. Nexus Investment Management ULC acquired a new position in shares of Newmont in the first quarter valued at approximately $31,000. Finally, TCTC Holdings LLC increased its holdings in shares of Newmont by 123.1% in the first quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 362 shares during the period. 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.