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

Shares of Newmont Co. (NYSE:NEM) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of recent research reports. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. Jefferies Financial Group raised their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Royal Bank of Canada cut their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Bernstein Bank increased their target price on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Finally, Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Down 0.7 %

The stock has a market capitalization of $43.39 billion, a price-to-earnings ratio of -25.07, a price-to-earnings-growth 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. The business’s 50-day moving average is $41.76 and its two-hundred day moving average is $47.01.

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

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Activity at Newmont

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

Institutional Trading of Newmont

Several institutional investors have recently modified their holdings of NEM. Geode Capital Management LLC lifted its holdings in shares of Newmont by 1.4% during the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock worth $1,253,457,000 after purchasing an additional 326,243 shares during the period. Legal & General Group Plc raised its holdings in Newmont by 1.4% during the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after purchasing an additional 109,084 shares in the last quarter. FMR LLC lifted its position in Newmont by 21.1% in the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after purchasing an additional 1,226,697 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after purchasing an additional 545,903 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in Newmont by 29.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after purchasing an additional 1,074,623 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.