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 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 transaction of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Tuesday, September 3rd, Thomas Ronald Palmer sold 20,000 shares of Newmont stock. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00.
• 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.

Newmont Stock Up 0.3 %

Newmont stock opened at $53.34 on Friday. The stock’s fifty day moving average is $51.51 and its two-hundred day moving average is $44.88. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $56.30. 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 stock has a market cap of $61.51 billion, a PE ratio of -19.98, a P/E/G ratio of 0.47 and a beta of 0.50.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. On average, sell-side analysts expect that Newmont Co. will post 2.88 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its holdings in Newmont by 29.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 932,106 shares of the basic materials company’s stock valued at $38,580,000 after buying an additional 210,264 shares in the last quarter. NEOS Investment Management LLC raised its holdings in Newmont by 99.9% during the fourth quarter. NEOS Investment Management LLC now owns 16,338 shares of the basic materials company’s stock worth $676,000 after purchasing an additional 8,165 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Newmont by 27.9% in the fourth quarter. CIBC Asset Management Inc now owns 224,211 shares of the basic materials company’s stock valued at $9,281,000 after purchasing an additional 48,849 shares during the last quarter. Rafferty Asset Management LLC increased its position in shares of Newmont by 51.0% in the fourth quarter. Rafferty Asset Management LLC now owns 89,419 shares of the basic materials company’s stock valued at $3,701,000 after buying an additional 30,202 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its stake in shares of Newmont by 13.2% during the 4th quarter. Peapack Gladstone Financial Corp now owns 13,766 shares of the basic materials company’s stock worth $569,000 after buying an additional 1,608 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NEM shares. Bank of America raised their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price target for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Veritas raised shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.31.

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.