Stock traders are buying a high volume of call options on Newmont (NYSE:NEM)

Newmont Co. (NYSE:NEM – Get Rating) was the target of unusual options trades on Thursday. Investors bought 32,411 call options on the company. This is an increase of approximately 31% from the average daily volume of 24,738 call options.

Wall Street analysts predict growth

Several brokerages have weighed in on NEM. Canaccord Genuity Group downgraded Newmont from a “hold” rating to a “buy” rating and lowered its target price for the company from $66.00 to $60.00 in a Wednesday, July 27 research note. Fundamental Research reaffirmed a “buy” rating and issued a price target of $79.52 on Newmont shares in a Tuesday, May 10 report. National Bank Financial upgraded Newmont from an “sector performance” rating to an “outperform” rating in a Wednesday, July 27 research note. TD Securities lowered its price target on Newmont from $64.00 to $52.00 and set a “hold” rating on the stock in a Tuesday, July 26 report. Finally, Barclays lowered its price target on Newmont shares from $68.00 to $60.00 and set an “equal weight” rating on the stock in a Tuesday, July 19 research note. Eleven research analysts rated the stock with a hold rating and six gave the company a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $70.37.

Performance of Newmont shares

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Newmont’s stock traded down $0.27 by midday Thursday, hitting $45.07. The company’s stock had a trading volume of 207,352 shares, compared to its average volume of 10,050,218. The company has a 50-day moving average price of $52.91 and a 200-day moving average price of of $65.36. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt ratio of 0.28. Newmont has a 12-month low of $42.88 and a 12-month high of $86.37. The company has a market capitalization of $35.77 billion, a price-earnings ratio of 45.43 and a beta of 0.26.

Newmont (NYSE:NEM – Get Rating) last reported quarterly results on Monday, July 25. The basic materials company reported earnings per share of $0.46 for the quarter, missing analyst consensus estimates of $0.70 per ($0.24). Newmont had a return on equity of 9.13% and a net margin of 6.40%. The company posted revenue of $3.06 billion for the quarter, versus analyst estimates of $3.04 billion. In the same quarter a year earlier, the company posted earnings per share of $0.83. The company’s revenue for the quarter was down 0.2% from the same quarter last year. Sell-side analysts expect Newmont to post EPS of 2.61 for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 22. Shareholders of record on Thursday, September 8 will receive a dividend of $0.55. The ex-dividend date is Wednesday, September 7. This represents an annualized dividend of $2.20 and a dividend yield of 4.88%. Newmont’s dividend payout ratio is currently 222.22%.

Insider Buying and Selling at Newmont

In related news, COO Robert D. Atkinson sold 3,000 Newmont shares in a trade that took place on Monday, August 1. The stock was sold at an average price of $45.35, for a total transaction of $136,050.00. Following the transaction, the chief operating officer now owns 48,947 shares of the company, valued at $2,219,746.45. The sale was disclosed in a document filed with the SEC, accessible via this link. Separately, COO Robert D. Atkinson sold 3,000 shares of the company in a trade on Monday, August 1. The stock was sold at an average price of $45.35, for a total value of $136,050.00. As a result of the transaction, the chief operating officer now owns 48,947 shares of the company, valued at approximately $2,219,746.45. The sale was disclosed in a filing with the SEC, accessible via the SEC’s website. Additionally, CEO Thomas Ronald Palmer sold 11,000 shares of the company in a trade dated Monday, August 1. The stock was sold at an average price of $45.35, for a total value of $498,850.00. As a result of the sale, the CEO now directly owns 254,949 shares of the company, valued at $11,561,937.15. The disclosure of this sale can be found here. Insiders sold 52,000 shares of the company valued at $3,028,880 during the last quarter. 0.11% of the shares are currently held by insiders.

Institutional investors weigh in on Newmont

Institutional investors and hedge funds have recently changed their stock holdings. Cerity Partners LLC increased its position in Newmont by 229.4% during the 1st quarter. Cerity Partners LLC now owns 16,087 shares of the basic materials company worth $1,028,000 after buying an additional 11,204 shares last quarter. Quadrant Capital Group LLC increased its stake in Newmont shares by 13.4% during the 1st quarter. Quadrant Capital Group LLC now owns 4,540 shares of the basic materials company valued at $361,000 after buying 536 additional shares in the last quarter. Vident Investment Advisory LLC increased its stake in Newmont by 11.9% in the fourth quarter. Vident Investment Advisory LLC now owns 66,689 shares of the basic materials company worth $4,136,000 after purchasing an additional 7,073 shares in the last quarter. Comerica Bank increased its stake in Newmont shares by 1.7% in the 1st quarter. Comerica Bank now owns 132,896 shares of the basic materials company worth $10,976,000 after acquiring 2,208 more shares last quarter. Finally, AlphaCrest Capital Management LLC increased its stake in Newmont by 353.3% in the 4th quarter. AlphaCrest Capital Management LLC now owns 18,204 shares of the basic materials company worth $1,129,000 after buying 14,188 additional shares in the last quarter. Institutional investors and hedge funds hold 78.41% of the company’s shares.

Newmont Company Profile

(Get an assessment)

Newmont Corporation is engaged in the production and exploration of gold. He also explores 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 and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and a land position of 62,800 square kilometers.

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