Insider Selling: Newmont Co. (NYSE:NEM) CEO Sells 20,000 Shares of Stock

Newmont Co. (NYSE:NEM) CEO Thomas Ronald Palmer sold 20,000 shares of the company’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 $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at $14,607,746.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 stock was sold at an average price of $49.51, for a total value of $990,200.00.

Newmont Stock Performance

NYSE:NEM opened at $53.34 on Friday. The stock’s fifty day moving average is $51.51 and its 200 day moving average is $44.96. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $56.30. The firm has a market capitalization of $61.51 billion, a PE ratio of -19.98, a PEG ratio of 0.47 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter last year, the firm posted $0.33 earnings per share. The business’s revenue was up 64.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Newmont Co. will post 2.88 earnings per share for the current 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 paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. Newmont’s payout ratio is -37.45%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Bank of America increased their target price on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research report on Friday, June 21st. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.31.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the period. Van ECK Associates Corp increased its stake in Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. Northern Trust Corp increased its stake in Newmont by 25.9% in the fourth quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock worth $537,594,000 after purchasing an additional 2,671,774 shares during the period. Legal & General Group Plc increased its stake in shares of Newmont by 1.4% during the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after buying an additional 109,084 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after buying an additional 545,903 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.