Newmont (NYSE:NEM) Shares Down 1.7% – Here’s Why

Shares of Newmont Corporation (NYSE:NEM) dropped 1.7% during trading on Thursday . The stock traded as low as $113.72 and last traded at $114.2630. Approximately 8,689,502 shares were traded during trading, a decline of 13% from the average daily volume of 9,960,600 shares. The stock had previously closed at $116.21.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a research note on Sunday. Zacks Research upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 5th. The Goldman Sachs Group upped their price target on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a research report on Monday, January 12th. UBS Group reduced their price objective on Newmont from $160.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. Finally, DZ Bank raised shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Newmont has an average rating of “Buy” and an average target price of $134.15.

Newmont Stock Down 1.7%

The stock has a market cap of $124.30 billion, a P/E ratio of 17.88, a PEG ratio of 0.92 and a beta of 0.39. The stock’s fifty day simple moving average is $118.27 and its 200-day simple moving average is $97.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating the consensus estimate of $1.81 by $0.71. The company had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The business’s revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.40 earnings per share. On average, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, March 3rd. This is an increase from Newmont’s previous quarterly dividend of $0.25. Newmont’s dividend payout ratio (DPR) is currently 16.28%.

Institutional Investors Weigh In On Newmont

Hedge funds have recently added to or reduced their stakes in the stock. GoalVest Advisory LLC bought a new stake in Newmont in the 4th quarter valued at about $25,000. Physician Wealth Advisors Inc. grew its position in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares during the last quarter. Swiss RE Ltd. acquired a new stake in shares of Newmont in the fourth quarter valued at approximately $26,000. Cornerstone Planning Group LLC increased its stake in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares during the period. Finally, JPL Wealth Management LLC bought a new stake in shares of Newmont during the third quarter valued at approximately $27,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Company Profile

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.