Newmont (NYSE:NEM) Issues Earnings Results

Newmont (NYSE:NEM) posted its quarterly earnings results on Thursday. The basic materials company reported $2.20 EPS for the quarter, beating the consensus estimate of $1.96 by $0.24, FiscalAI reports. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.36 billion during the quarter, compared to analyst estimates of $6.26 billion.

Newmont Stock Performance

Shares of NYSE:NEM traded down $3.55 on Thursday, hitting $113.63. 9,549,407 shares of the company were exchanged, compared to its average volume of 8,526,451. The stock’s 50 day moving average price is $122.06 and its 200 day moving average price is $111.00. The firm has a market capitalization of $119.73 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 2.16 and a beta of 0.51. Newmont has a 1-year low of $76.05 and a 1-year high of $135.29. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president directly owned 34,315 shares of the company’s stock, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 35,973 shares of company stock worth $3,927,169 over the last three months. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Bank of America dropped their price objective on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. UBS Group lowered their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Canadian Imperial Bank of Commerce set a $154.00 price objective on shares of Newmont in a research note on Friday, October 16th. Freedom Broker reiterated a “hold” rating and issued a $116.00 price target (down from $130.00) on shares of Newmont in a research note on Thursday. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target of $134.06.

Newmont Company Profile

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.