Newmont Sees Unusually Large Options Volume (NYSE:NEM)

Newmont Co. (NYSE:NEM) was the target of some unusual options trading on Tuesday. Investors acquired 34,541 call options on the stock. This is an increase of 30% compared to the typical volume of 26,625 call options.

Newmont Stock Performance

Shares of NEM opened at $36.09 on Wednesday. The business’s fifty day simple moving average is $38.15 and its two-hundred day simple moving average is $40.89. The company has a current ratio of 2.12, a quick ratio of 1.72 and a debt-to-equity ratio of 0.31. Newmont has a 12 month low of $33.58 and a 12 month high of $60.08. The company has a market cap of $28.68 billion, a price-to-earnings ratio of -35.03, a P/E/G ratio of 2.17 and a beta of 0.41.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $3.20 billion. Newmont had a negative net margin of 7.35% and a positive return on equity of 6.28%. Research analysts anticipate that Newmont will post 1.78 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Thursday, November 30th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, November 29th. This represents a $1.60 annualized dividend and a dividend yield of 4.43%. Newmont’s payout ratio is -155.34%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $39.91, for a total transaction of $439,010.00. Following the completion of the transaction, the chief executive officer now directly owns 256,039 shares of the company’s stock, valued at $10,218,516.49. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, COO Robert D. Atkinson sold 5,500 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $36.47, for a total value of $200,585.00. Following the completion of the transaction, the chief operating officer now directly owns 70,751 shares of the company’s stock, valued at $2,580,288.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction on Friday, September 1st. The shares were sold at an average price of $39.91, for a total value of $439,010.00. Following the sale, the chief executive officer now directly owns 256,039 shares of the company’s stock, valued at approximately $10,218,516.49. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,049 shares of company stock valued at $1,901,528. Company insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently bought and sold shares of the stock. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Newmont by 101,647.2% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 547,513,832 shares of the basic materials company’s stock worth $23,356,940,000 after purchasing an additional 546,975,720 shares during the period. BlackRock Inc. raised its holdings in Newmont by 4.6% during the second quarter. BlackRock Inc. now owns 99,433,731 shares of the basic materials company’s stock valued at $4,241,843,000 after acquiring an additional 4,409,771 shares during the period. State Street Corp raised its holdings in Newmont by 0.3% during the second quarter. State Street Corp now owns 40,353,343 shares of the basic materials company’s stock valued at $1,721,474,000 after acquiring an additional 121,393 shares during the period. Deutsche Bank AG raised its holdings in Newmont by 12.8% during the first quarter. Deutsche Bank AG now owns 17,968,912 shares of the basic materials company’s stock valued at $880,836,000 after acquiring an additional 2,042,778 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Newmont by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 17,003,452 shares of the basic materials company’s stock valued at $628,278,000 after acquiring an additional 483,377 shares during the period. 79.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NEM. TD Securities cut their price objective on Newmont from $55.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 30th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating and lowered their target price for the company from $54.00 to $50.00 in a research note on Friday, July 21st. Canaccord Genuity Group lowered their price target on Newmont from $63.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, July 24th. UBS Group lowered their price target on Newmont from $53.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, August 29th. Finally, Raymond James lowered their price target on Newmont from $59.00 to $57.00 and set an “outperform” rating for the company in a research report on Friday, October 27th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.05.

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.