Newmont (NYSE:NEM) Shares Gap Down – Time to Sell?

Newmont Co. (NYSE:NEM)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $45.04, but opened at $43.32. Newmont shares last traded at $43.42, with a volume of 2,216,119 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Bernstein Bank raised their target price on shares of Newmont from $55.00 to $58.00 in a research note on Monday. BMO Capital Markets raised their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and lowered their target price for the company from $67.00 to $54.00 in a research note on Wednesday, October 30th. Raymond James raised their target price on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Stock Performance

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 firm’s 50-day moving average price is $51.73 and its two-hundred day moving average price is $47.45. The firm has a market capitalization of $47.34 billion, a price-to-earnings ratio of -27.36, a price-to-earnings-growth ratio of 0.35 and a beta of 0.51.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter last year, the firm posted $0.36 earnings per share. Newmont’s revenue was up 84.7% on a year-over-year basis. Sell-side analysts predict that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.41%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NEM. LRI Investments LLC bought a new stake in shares of Newmont during the first quarter worth approximately $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Newmont during the 2nd quarter valued at $25,000. Meeder Asset Management Inc. acquired a new position in shares of Newmont in the 2nd quarter valued at $27,000. Hoese & Co LLP bought a new position in shares of Newmont in the 3rd quarter worth $27,000. Finally, Avior Wealth Management LLC grew its stake in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares during the period. Institutional investors 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.