Investors Buy Large Volume of Newmont Call Options (NYSE:NEM)

Newmont Co. (NYSE:NEM) saw unusually large options trading activity on Friday. Stock investors bought 32,709 call options on the stock. This represents an increase of approximately 53% compared to the average daily volume of 21,415 call options.

Insider Transactions at Newmont

In related news, COO Robert D. Atkinson sold 5,500 shares of Newmont stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $39.91, for a total transaction of $219,505.00. Following the transaction, the chief operating officer now owns 76,251 shares of the company’s stock, valued at approximately $3,043,177.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $42.85, for a total transaction of $471,350.00. Following the transaction, the chief executive officer now owns 278,039 shares of the company’s stock, valued at approximately $11,913,971.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert D. Atkinson sold 5,500 shares of Newmont stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $39.91, for a total transaction of $219,505.00. Following the transaction, the chief operating officer now directly owns 76,251 shares in the company, valued at approximately $3,043,177.41. The disclosure for this sale can be found here. Insiders sold a total of 38,683 shares of company stock worth $1,600,929 in the last quarter. 0.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of NEM. Blair William & Co. IL lifted its position in Newmont by 14.8% during the first quarter. Blair William & Co. IL now owns 42,511 shares of the basic materials company’s stock worth $3,378,000 after purchasing an additional 5,484 shares during the period. Sei Investments Co. lifted its holdings in shares of Newmont by 19.3% in the first quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock worth $5,219,000 after acquiring an additional 10,692 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Newmont by 46.9% in the first quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock worth $2,217,000 after acquiring an additional 8,915 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Newmont by 7.2% in the first quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock worth $47,324,000 after acquiring an additional 39,765 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its holdings in shares of Newmont by 25.8% in the first quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 278 shares during the last quarter. Institutional investors own 79.53% of the company’s stock.

Newmont Price Performance

NYSE:NEM opened at $40.34 on Friday. Newmont has a one year low of $37.45 and a one year high of $60.08. The company has a market cap of $32.06 billion, a P/E ratio of -42.02, a P/E/G ratio of 1.62 and a beta of 0.38. The firm’s fifty day moving average price is $40.80 and its two-hundred day moving average price is $43.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.28 and a quick ratio of 1.87.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.93 billion. Newmont had a negative net margin of 6.77% and a positive return on equity of 5.74%. The company’s revenue was down 12.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS. Equities analysts expect that Newmont will post 2.04 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 6th. This represents a $1.60 annualized dividend and a yield of 3.97%. Newmont’s dividend payout ratio is -166.66%.

Analysts Set New Price Targets

A number of research analysts have weighed in on NEM shares. StockNews.com started coverage on shares of Newmont in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. TD Securities cut their price target on shares of Newmont from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, July 24th. Raymond James cut their price objective on shares of Newmont from $62.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, September 7th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating and cut their price objective for the stock from $54.00 to $50.00 in a research report on Friday, July 21st. Finally, Canaccord Genuity Group cut their price objective on shares of Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.