Newmont Co. (NYSE:NEM) Short Interest Down 36.6% in March

Newmont Co. (NYSE:NEMGet Rating) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totalling 8,310,000 shares, a drop of 36.6% from the March 15th total of 13,100,000 shares. Based on an average daily trading volume, of 8,350,000 shares, the days-to-cover ratio is presently 1.0 days. Approximately 1.1% of the company’s shares are short sold.

A number of equities research analysts have commented on the company. Bank of America lifted their target price on Newmont from $70.00 to $75.00 in a research report on Monday, February 28th. National Bank Financial boosted their price objective on Newmont from C$92.00 to C$98.00 in a report on Friday, January 7th. Fundamental Research boosted their price objective on Newmont from $61.10 to $73.44 and gave the company a “buy” rating in a report on Tuesday, March 1st. Canaccord Genuity Group reiterated a “hold” rating and issued a $65.00 price objective on shares of Newmont in a report on Wednesday, February 9th. Finally, Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $75.00 to $72.00 in a report on Monday, January 24th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $71.36.

Shares of NYSE:NEM traded up $0.47 on Friday, hitting $84.77. 5,672,381 shares of the company’s stock were exchanged, compared to its average volume of 7,141,987. The firm’s 50-day moving average is $74.03 and its 200 day moving average is $63.54. The company has a market capitalization of $67.18 billion, a PE ratio of 58.46 and a beta of 0.30. Newmont has a 1-year low of $52.60 and a 1-year high of $85.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.55 and a current ratio of 2.90.

Newmont (NYSE:NEMGet Rating) last released its quarterly earnings data on Thursday, February 24th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.02. The business had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Newmont had a return on equity of 10.19% and a net margin of 9.54%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.06 EPS. On average, analysts anticipate that Newmont will post 3.42 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 24th. Stockholders of record on Thursday, March 10th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Wednesday, March 9th. This represents a $2.20 annualized dividend and a dividend yield of 2.60%. Newmont’s dividend payout ratio is currently 151.72%.

In other Newmont news, CFO Nancy Buese sold 10,000 shares of Newmont stock in a transaction on Wednesday, March 30th. The stock was sold at an average price of $79.00, for a total value of $790,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 7,000 shares of Newmont stock in a transaction on Tuesday, February 1st. The shares were sold at an average price of $62.00, for a total value of $434,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,343 shares of company stock worth $4,838,533. 0.11% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Vectors Research Management LLC purchased a new stake in shares of Newmont in the 4th quarter valued at about $25,000. Rational Advisors LLC lifted its holdings in shares of Newmont by 133.7% in the 4th quarter. Rational Advisors LLC now owns 416 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 238 shares during the last quarter. Avondale Wealth Management purchased a new stake in shares of Newmont in the 4th quarter valued at about $28,000. Bedel Financial Consulting Inc. lifted its holdings in shares of Newmont by 105.9% in the 4th quarter. Bedel Financial Consulting Inc. now owns 492 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 253 shares during the last quarter. Finally, TFO TDC LLC purchased a new stake in shares of Newmont in the 3rd quarter valued at about $27,000. 76.72% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile (Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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