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

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

Newmont Price Performance

Newmont stock traded down $6.56 during trading hours on Thursday, hitting $51.18. 12,973,051 shares of the company traded hands, compared to its average volume of 10,151,539. The firm’s 50-day simple moving average is $53.43 and its two-hundred day simple moving average is $46.74. The firm has a market cap of $59.02 billion, a P/E ratio of -19.85, a P/E/G ratio of 0.43 and a beta of 0.50. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock worth $3,434,640 over the last three months. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of a number of research analyst reports. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. Bank of America increased their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group upped their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. UBS Group boosted their target price on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.46.

About Newmont

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.