Short Interest in Newmont Mining Corp (NEM) Increases By 20.2%

Newmont Mining Corp (NYSE:NEM) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 30,231,757 shares, a growth of 20.2% from the February 15th total of 25,149,289 shares. Currently, 5.7% of the company’s stock are sold short. Based on an average daily volume of 14,869,378 shares, the days-to-cover ratio is currently 2.0 days.

Shares of NEM opened at $33.14 on Friday. The firm has a market capitalization of $18.33 billion, a P/E ratio of 24.55 and a beta of 0.01. Newmont Mining has a one year low of $29.06 and a one year high of $41.98. The company has a current ratio of 2.95, a quick ratio of 2.60 and a debt-to-equity ratio of 0.31.

Newmont Mining (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 21st. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.17. Newmont Mining had a net margin of 4.70% and a return on equity of 6.19%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The business’s revenue was up 5.8% compared to the same quarter last year. On average, research analysts expect that Newmont Mining will post 1.16 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 21st. Stockholders of record on Thursday, March 7th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, March 6th. This represents a $0.56 annualized dividend and a dividend yield of 1.69%. Newmont Mining’s payout ratio is 41.48%.

NEM has been the topic of a number of recent research reports. ValuEngine upgraded shares of Newmont Mining from a “hold” rating to a “buy” rating in a report on Friday, November 16th. Deutsche Bank set a $36.00 target price on shares of Newmont Mining and gave the stock a “hold” rating in a report on Friday, December 7th. Raymond James set a $46.00 target price on shares of Newmont Mining and gave the stock an “outperform” rating in a report on Friday, December 7th. Royal Bank of Canada set a $41.00 target price on shares of Newmont Mining and gave the stock a “sell” rating in a report on Wednesday, December 12th. Finally, CIBC downgraded shares of Newmont Mining from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $48.00 to $41.00 in a report on Tuesday, January 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Newmont Mining currently has a consensus rating of “Hold” and an average price target of $40.08.

In other news, COO Thomas Ronald Palmer sold 1,250 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $33.90, for a total transaction of $42,375.00. Following the transaction, the chief operating officer now owns 277,823 shares in the company, valued at approximately $9,418,199.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP E Randall Engel sold 17,100 shares of the firm’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $37.14, for a total transaction of $635,094.00. Following the transaction, the executive vice president now owns 236,847 shares in the company, valued at approximately $8,796,497.58. The disclosure for this sale can be found here. Insiders have sold a total of 44,350 shares of company stock worth $1,576,609 in the last 90 days. 0.36% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of NEM. First Trust Advisors LP increased its holdings in shares of Newmont Mining by 275.6% during the 3rd quarter. First Trust Advisors LP now owns 151,124 shares of the basic materials company’s stock worth $4,564,000 after purchasing an additional 110,886 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in shares of Newmont Mining by 1.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 333,199 shares of the basic materials company’s stock valued at $10,061,000 after acquiring an additional 5,062 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Newmont Mining during the 3rd quarter valued at about $225,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Newmont Mining by 2.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,070,412 shares of the basic materials company’s stock valued at $62,526,000 after acquiring an additional 52,115 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in shares of Newmont Mining by 3.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 280,940 shares of the basic materials company’s stock valued at $8,485,000 after acquiring an additional 9,304 shares in the last quarter. Institutional investors own 86.26% of the company’s stock.

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Newmont Mining Company Profile

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.

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