Newmont Mining Corp (NEM) Short Interest Up 20.2% in February
Newmont Mining Corp (NYSE:NEM) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 30,231,757 shares, a growth of 20.2% from the February 15th total of 25,149,289 shares. Currently, 5.7% of the shares of the stock are short sold. Based on an average daily volume of 14,869,378 shares, the days-to-cover ratio is presently 2.0 days.
Newmont Mining stock opened at $33.14 on Friday. Newmont Mining has a 12-month low of $29.06 and a 12-month high of $41.98. The stock has a market cap of $18.33 billion, a price-to-earnings ratio of 24.55 and a beta of 0.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.60 and a current ratio of 2.95.
Newmont Mining (NYSE:NEM) last released its quarterly earnings results on Thursday, February 21st. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.17. Newmont Mining had a net margin of 4.70% and a return on equity of 6.19%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period last year, the company earned $0.39 EPS. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities research analysts expect that Newmont Mining will post 1.16 EPS for the current fiscal year.
A number of equities research analysts recently commented on NEM shares. ValuEngine cut shares of Newmont Mining from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. Raymond James lowered their price objective on shares of Newmont Mining from $48.00 to $47.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 5th. Canaccord Genuity raised shares of Newmont Mining from a “hold” rating to a “buy” rating and increased their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, January 15th. Deutsche Bank set a $36.00 price objective on shares of Newmont Mining and gave the company a “hold” rating in a research note on Friday, December 7th. Finally, Credit Suisse Group reissued a “buy” rating on shares of Newmont Mining in a research note on Wednesday, January 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $40.08.
In related news, EVP Stephen P. Gottesfeld sold 3,500 shares of the stock in a transaction dated Wednesday, December 26th. The shares were sold at an average price of $35.01, for a total value of $122,535.00. Following the sale, the executive vice president now directly owns 174,764 shares of the company’s stock, valued at approximately $6,118,487.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas Ronald Palmer sold 1,250 shares of the stock in a transaction dated Wednesday, January 2nd. The shares were sold at an average price of $34.43, for a total transaction of $43,037.50. Following the completion of the sale, the insider now directly owns 127,860 shares in the company, valued at $4,402,219.80. The disclosure for this sale can be found here. Insiders sold a total of 44,350 shares of company stock valued at $1,576,609 in the last quarter. Insiders own 0.36% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in NEM. Archford Capital Strategies LLC boosted its position in shares of Newmont Mining by 66.7% in the fourth quarter. Archford Capital Strategies LLC now owns 750 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 300 shares during the last quarter. First Mercantile Trust Co. boosted its position in shares of Newmont Mining by 70.2% in the fourth quarter. First Mercantile Trust Co. now owns 800 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 330 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Newmont Mining by 377.3% in the fourth quarter. Bessemer Group Inc. now owns 840 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 664 shares during the last quarter. Berman Capital Advisors LLC acquired a new stake in shares of Newmont Mining in the fourth quarter worth approximately $30,000. Finally, We Are One Seven LLC acquired a new stake in shares of Newmont Mining in the fourth quarter worth approximately $33,000. 86.26% of the stock is currently owned by institutional investors.
About Newmont Mining
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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