Newmont (NYSE:NEM) Share Price Passes Below 200-Day Moving Average – What’s Next?

Newmont Co. (NYSE:NEM)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $47.07 and traded as low as $36.86. Newmont shares last traded at $37.22, with a volume of 9,341,507 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on NEM shares. Bernstein Bank upped their price objective on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and decreased their price target for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, CLSA began coverage on shares of Newmont in a report on Friday, November 29th. They issued an “underperform” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Performance

The firm has a 50 day moving average price of $41.98 and a 200-day moving average price of $47.07. The stock has a market capitalization of $42.37 billion, a PE ratio of -24.49, a PEG ratio of 0.35 and a beta of 0.49. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The business’s revenue was up 84.7% on a year-over-year basis. Research analysts expect that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.69%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Transactions at Newmont

In related news, Director Harry M. Iv Conger acquired 9,498 shares of the stock in a transaction on Wednesday, November 27th. The shares were acquired at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the transaction, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several large investors have recently made changes to their positions in the company. Strategic Financial Concepts LLC purchased a new position in Newmont in the second quarter valued at $25,000. Meeder Asset Management Inc. acquired a new position in Newmont in the 2nd quarter worth about $27,000. Hoese & Co LLP purchased a new position in Newmont during the third quarter worth approximately $27,000. Avior Wealth Management LLC grew its holdings in Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 326 shares during the period. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Newmont in the third quarter valued at approximately $28,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.