Newmont Target of Unusually Large Options Trading (NYSE:NEM)

Newmont Corporation (NYSE:NEM) was the target of unusually large options trading on Monday. Stock investors bought 46,555 call options on the stock. This is an increase of approximately 83% compared to the typical daily volume of 25,399 call options.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Zacks Research raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. TD Cowen restated a “buy” rating on shares of Newmont in a report on Monday, April 27th. Barclays initiated coverage on shares of Newmont in a research report on Thursday, May 21st. They issued an “overweight” rating and a $133.00 price objective on the stock. Citigroup increased their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Finally, Royal Bank Of Canada cut their price target on Newmont from $160.00 to $140.00 and set an “outperform” rating on the stock in a report on Wednesday, June 3rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $140.50.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. The trade was a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 28,556 shares of company stock valued at $3,120,276. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Newmont during the 4th quarter worth approximately $1,443,128,000. Van ECK Associates Corp increased its holdings in Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Newmont by 110.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock worth $873,011,000 after acquiring an additional 4,588,018 shares in the last quarter. AQR Capital Management LLC raised its position in Newmont by 82.5% during the fourth quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock worth $739,117,000 after acquiring an additional 3,345,543 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after acquiring an additional 2,294,396 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Down 1.6%

Shares of NEM stock traded down $1.58 during trading on Monday, reaching $94.55. The company’s stock had a trading volume of 4,791,743 shares, compared to its average volume of 9,437,169. Newmont has a one year low of $55.37 and a one year high of $134.88. The business has a fifty day moving average price of $107.94 and a 200-day moving average price of $110.94. The company has a market cap of $100.94 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.59 and a beta of 0.42. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. Analysts anticipate that Newmont will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were issued a $0.26 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Newmont’s dividend payout ratio (DPR) is presently 13.49%.

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.