Newmont (NYSE:NEM) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Newmont (NYSE:NEM) announced its quarterly earnings data on Wednesday. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05), Briefing.com reports. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 84.7% on a year-over-year basis.

Newmont Stock Down 2.3 %

NYSE:NEM traded down $1.11 during mid-day trading on Friday, hitting $48.14. 12,154,876 shares of the company’s stock traded hands, compared to its average volume of 10,284,583. The company has a market capitalization of $55.24 billion, a P/E ratio of -23.23, a P/E/G ratio of 0.49 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The company has a fifty day moving average of $53.43 and a 200 day moving average of $46.74. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is currently -47.17%.

Analysts Set New Price Targets

NEM has been the topic of a number of research analyst reports. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. UBS Group raised their target price on shares of Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. BMO Capital Markets boosted their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Jefferies Financial Group boosted their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.15.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 0.00 % 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. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,000 shares of company stock valued at $3,434,640. Insiders own 0.06% 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.