Thomas Ronald Palmer Sells 20,000 Shares of Newmont Co. (NYSE:NEM) Stock

Newmont Co. (NYSE:NEM) CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. The sale was disclosed in a filing with the SEC, which is available through this link.

Thomas Ronald Palmer also recently made the following trade(s):

• On Thursday, August 1st, Thomas Ronald Palmer sold 20,000 shares of Newmont stock. The shares were sold at an average price of $49.51, for a total value of $990,200.00.
• On Monday, July 1st, Thomas Ronald Palmer sold 13,000 shares of Newmont stock. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00.

Newmont Price Performance

NEM opened at $50.34 on Friday. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $53.88. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company has a market capitalization of $58.05 billion, a price-to-earnings ratio of -18.85, a P/E/G ratio of 0.39 and a beta of 0.47. The firm’s fifty day moving average price is $48.43 and its two-hundred day moving average price is $42.00.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the firm earned $0.33 earnings per share. The firm’s revenue was up 64.1% on a year-over-year basis. As a group, analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 1.99%. Newmont’s payout ratio is presently -37.45%.

Hedge Funds Weigh In On Newmont

Several institutional investors have recently modified their holdings of NEM. Vanguard Group Inc. grew its stake in Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after purchasing an additional 36,170,995 shares during the period. Norges Bank purchased a new stake in Newmont during the fourth quarter worth about $604,516,000. Bank of New York Mellon Corp increased its holdings in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after buying an additional 6,617,145 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Newmont by 29.9% in the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after acquiring an additional 5,475,155 shares during the last quarter. Finally, Ruffer LLP grew its position in shares of Newmont by 190.1% during the 4th quarter. Ruffer LLP now owns 6,100,822 shares of the basic materials company’s stock valued at $252,482,000 after acquiring an additional 3,997,590 shares during the period. 68.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NEM shares. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. BMO Capital Markets increased their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Bank of America increased their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

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.