Newmont Sees Unusually High Options Volume (NYSE:NEM)

Newmont Co. (NYSE:NEM) saw some unusual options trading activity on Wednesday. Stock traders acquired 68,812 put options on the stock. This represents an increase of approximately 72% compared to the typical volume of 39,937 put options.

Newmont Trading Up 0.1 %

Shares of NEM stock opened at $42.04 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm has a market cap of $47.86 billion, a P/E ratio of -27.66, a PEG ratio of 0.36 and a beta of 0.51. The company has a 50 day moving average of $49.35 and a 200-day moving average of $47.43. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly 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). The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. Sell-side analysts anticipate that Newmont will post 3.08 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Newmont’s dividend payout ratio is currently -65.79%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. Bernstein Bank raised their target price on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Veritas raised Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Eight investment 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred 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 owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’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 value of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last quarter. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently made changes to their positions in the stock. Avior Wealth Management LLC grew its holdings in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares in the last quarter. Hoese & Co LLP bought a new stake in Newmont during the 3rd quarter worth approximately $27,000. Prospera Private Wealth LLC purchased a new stake in Newmont in the 3rd quarter worth approximately $28,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont during the 3rd quarter valued at $32,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Newmont in the second quarter worth $27,000. 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.