Newmont Co. (NYSE:NEM) CEO Thomas Ronald Palmer Sells 20,000 Shares

Newmont Co. (NYSE:NEM) CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Thomas Ronald Palmer also recently made the following trade(s):

• On Thursday, August 1st, Thomas Ronald Palmer sold 20,000 shares of Newmont stock. The shares were sold at an average price of $49.51, for a total value of $990,200.00.
• On Monday, July 1st, Thomas Ronald Palmer sold 13,000 shares of Newmont stock. The shares were sold at an average price of $42.13, for a total value of $547,690.00.

Newmont Price Performance

NYSE NEM traded up $0.30 on Thursday, hitting $51.91. The company had a trading volume of 5,911,597 shares, compared to its average volume of 10,595,176. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company’s fifty day moving average price is $48.06 and its 200-day moving average price is $41.81. The company has a market capitalization of $59.86 billion, a PE ratio of -19.55, a PEG ratio of 0.39 and a beta of 0.47. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $53.88.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s quarterly revenue was up 64.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 earnings per share. As a group, analysts predict that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.93%. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Jefferies Financial Group boosted their target price on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Sanford C. Bernstein cut their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, May 16th. Bank of America boosted their price objective on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and raised their target price for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average target price of $51.46.

Institutional Trading of Newmont

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after acquiring an additional 36,170,995 shares during the last quarter. Norges Bank purchased a new stake in shares of Newmont in the fourth quarter valued at approximately $604,516,000. Bank of New York Mellon Corp increased its holdings in shares of Newmont by 39.8% in the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after purchasing an additional 6,617,145 shares during the last quarter. First Eagle Investment Management LLC lifted its position in Newmont by 29.9% during the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock worth $983,267,000 after buying an additional 5,475,155 shares in the last quarter. Finally, Ruffer LLP boosted its stake in Newmont by 190.1% during the fourth quarter. Ruffer LLP now owns 6,100,822 shares of the basic materials company’s stock worth $252,482,000 after buying an additional 3,997,590 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

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.