Newmont Target of Unusually High Options Trading (NYSE:NEM)

Newmont Co. (NYSE:NEM) saw some unusual options trading on Monday. Stock traders acquired 51,593 call options on the stock. This is an increase of approximately 46% compared to the typical daily volume of 35,327 call options.

Newmont Stock Performance

Shares of NYSE NEM opened at $54.48 on Tuesday. The business has a fifty day simple moving average of $50.25 and a 200 day simple moving average of $43.76. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $62.82 billion, a price-to-earnings ratio of -20.40, a PEG ratio of 0.37 and a beta of 0.49. Newmont has a one year low of $29.42 and a one year high of $55.67.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 earnings per share. Sell-side analysts expect that Newmont will post 2.82 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. Newmont’s payout ratio is -37.45%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. Insiders have sold a total of 56,000 shares of company stock valued at $2,744,700 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Clearbridge Investments LLC grew its position in Newmont by 12.6% in the fourth quarter. Clearbridge Investments LLC now owns 31,919 shares of the basic materials company’s stock valued at $1,321,000 after acquiring an additional 3,575 shares during the period. Corient Private Wealth LLC grew its position in Newmont by 47.8% in the fourth quarter. Corient Private Wealth LLC now owns 80,294 shares of the basic materials company’s stock valued at $3,323,000 after acquiring an additional 25,976 shares during the period. Quest Partners LLC bought a new stake in shares of Newmont during the fourth quarter worth $269,000. EverSource Wealth Advisors LLC grew its holdings in shares of Newmont by 417.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,869 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 1,508 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in shares of Newmont by 2.2% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 136,414 shares of the basic materials company’s stock worth $5,646,000 after purchasing an additional 2,918 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NEM shares. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $48.00 to $59.00 in a report on Monday, August 19th. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. Finally, Argus upgraded 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. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.62.

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.