Investors Buy Shares of Newmont Mining Corporation (NEM) on Weakness After Insider Selling

Investors bought shares of Newmont Mining Corporation (NYSE:NEM) on weakness during trading on Tuesday after an insider sold shares in the company. $50.51 million flowed into the stock on the tick-up and $17.72 million flowed out of the stock on the tick-down, for a money net flow of $32.79 million into the stock. Of all stocks tracked, Newmont Mining Corporation had the 17th highest net in-flow for the day. Newmont Mining Corporation traded down ($0.19) for the day and closed at $36.98Specifically, EVP E Randall Engel sold 5,700 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $35.00, for a total value of $199,500.00. Following the completion of the sale, the executive vice president now directly owns 256,800 shares in the company, valued at $8,988,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Gary J. Goldberg sold 1,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $37.11, for a total value of $37,110.00. Following the completion of the sale, the insider now owns 334,730 shares of the company’s stock, valued at $12,421,830.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,907 shares of company stock valued at $803,461. 0.32% of the stock is currently owned by insiders.

A number of brokerages recently issued reports on NEM. Zacks Investment Research upgraded Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research report on Monday, July 31st. Argus upgraded Newmont Mining Corporation from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday, July 27th. BidaskClub upgraded Newmont Mining Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Scotiabank raised their price target on Newmont Mining Corporation from $43.50 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 26th. Finally, TD Securities raised their price target on Newmont Mining Corporation from $36.00 to $50.00 and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Newmont Mining Corporation has an average rating of “Buy” and a consensus price target of $41.78.

The company’s market cap is $19.11 billion. The stock’s 50-day moving average is $34.88 and its 200-day moving average is $34.36.

Newmont Mining Corporation (NYSE:NEM) last released its quarterly earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.20. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.77 billion. Newmont Mining Corporation had a positive return on equity of 6.67% and a negative net margin of 6.73%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. Equities research analysts expect that Newmont Mining Corporation will post $1.34 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, September 14th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend is Wednesday, September 13th. This is an increase from Newmont Mining Corporation’s previous quarterly dividend of $0.05. Newmont Mining Corporation’s dividend payout ratio (DPR) is currently -22.22%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strs Ohio increased its position in Newmont Mining Corporation by 21.9% in the first quarter. Strs Ohio now owns 2,762,586 shares of the basic materials company’s stock worth $91,054,000 after buying an additional 497,010 shares in the last quarter. Shell Asset Management Co. increased its position in Newmont Mining Corporation by 9.3% in the first quarter. Shell Asset Management Co. now owns 231,660 shares of the basic materials company’s stock worth $7,636,000 after buying an additional 19,660 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in Newmont Mining Corporation during the first quarter worth about $210,000. First Manhattan Co. increased its position in Newmont Mining Corporation by 2.0% in the first quarter. First Manhattan Co. now owns 153,072 shares of the basic materials company’s stock worth $6,014,000 after buying an additional 3,000 shares in the last quarter. Finally, Personal Capital Advisors Corp purchased a new position in Newmont Mining Corporation during the first quarter worth about $408,000. Hedge funds and other institutional investors own 82.18% of the company’s stock.

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Newmont Mining Corporation Company Profile

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.

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