Newmont Corporation (NYSE:NEM) Short Interest Update

Newmont Corporation (NYSE:NEM) was the recipient of a significant decline in short interest in February. As of February 13th, there was short interest totaling 18,702,308 shares, a decline of 13.4% from the January 29th total of 21,583,987 shares. Based on an average daily trading volume, of 9,929,151 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.7% of the company’s stock are sold short. Approximately 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 9,929,151 shares, the days-to-cover ratio is currently 1.9 days.

Newmont Stock Performance

NEM opened at $116.14 on Friday. The business’s 50-day simple moving average is $117.04 and its 200 day simple moving average is $96.41. Newmont has a 52-week low of $42.03 and a 52-week high of $134.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The firm has a market capitalization of $126.35 billion, a PE ratio of 18.18, a PEG ratio of 0.96 and a beta of 0.39.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The firm had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. During the same quarter in the previous year, the firm earned $1.40 EPS. The business’s quarterly revenue was up 20.6% on a year-over-year basis. As a group, sell-side analysts expect that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. This is an increase from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is currently 16.28%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NEM. GoalVest Advisory LLC acquired a new stake in Newmont in the 4th quarter valued at about $25,000. Physician Wealth Advisors Inc. raised its stake in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares during the period. Swiss RE Ltd. acquired a new stake in shares of Newmont in the fourth quarter valued at approximately $26,000. Cornerstone Planning Group LLC boosted its stake in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in shares of Newmont during the 3rd quarter worth approximately $27,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. TD Cowen increased their price objective on shares of Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. DZ Bank upgraded Newmont to a “strong-buy” rating in a report on Monday, January 19th. BNP Paribas Exane lifted their price target on Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Sanford C. Bernstein raised Newmont from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Finally, Argus lifted their target price on Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average target price of $133.68.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.