Newmont Goldcorp Corp (NYSE:NEM) Short Interest Down 10.9% in July
Newmont Goldcorp Corp (NYSE:NEM) was the recipient of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 13,617,500 shares, a drop of 10.9% from the June 15th total of 15,275,800 shares. Currently, 2.6% of the company’s shares are short sold. Based on an average trading volume of 9,060,000 shares, the short-interest ratio is presently 1.5 days.
Shares of NEM traded up $0.43 during trading hours on Monday, hitting $37.71. The company had a trading volume of 6,853,829 shares, compared to its average volume of 10,680,496. The company has a market cap of $30.57 billion, a P/E ratio of 27.93 and a beta of 0.04. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.83 and a quick ratio of 1.38. Newmont Goldcorp has a one year low of $29.06 and a one year high of $40.33. The business’s fifty day moving average price is $37.93.
Newmont Goldcorp (NYSE:NEM) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.29 billion. Newmont Goldcorp had a positive return on equity of 4.79% and a negative net margin of 1.03%. The company’s revenue was up 35.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. Sell-side analysts predict that Newmont Goldcorp will post 1.4 earnings per share for the current year.
In other Newmont Goldcorp news, COO Thomas Ronald Palmer sold 1,250 shares of Newmont Goldcorp stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $30.90, for a total transaction of $38,625.00. Following the completion of the sale, the chief operating officer now directly owns 275,323 shares of the company’s stock, valued at approximately $8,507,480.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Elaine J. Dorward-King sold 3,000 shares of Newmont Goldcorp stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $30.90, for a total value of $92,700.00. Following the sale, the executive vice president now directly owns 142,122 shares of the company’s stock, valued at $4,391,569.80. The disclosure for this sale can be found here. Insiders have sold a total of 71,220 shares of company stock valued at $2,541,220 over the last three months. 0.44% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Point View Wealth Management Inc. grew its stake in Newmont Goldcorp by 80.1% during the 2nd quarter. Point View Wealth Management Inc. now owns 17,601 shares of the basic materials company’s stock worth $677,000 after buying an additional 7,828 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Newmont Goldcorp by 84.4% during the 2nd quarter. Janney Montgomery Scott LLC now owns 27,467 shares of the basic materials company’s stock valued at $1,057,000 after purchasing an additional 12,572 shares during the last quarter. Adams Natural Resources Fund Inc. grew its stake in Newmont Goldcorp by 22.0% during the 2nd quarter. Adams Natural Resources Fund Inc. now owns 89,700 shares of the basic materials company’s stock valued at $3,451,000 after purchasing an additional 16,200 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Newmont Goldcorp by 51.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,806,113 shares of the basic materials company’s stock valued at $146,421,000 after purchasing an additional 1,294,757 shares during the last quarter. Finally, State Treasurer State of Michigan grew its stake in Newmont Goldcorp by 27.9% during the 2nd quarter. State Treasurer State of Michigan now owns 196,255 shares of the basic materials company’s stock valued at $7,550,000 after purchasing an additional 42,800 shares during the last quarter. 61.34% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the company. Desjardins reaffirmed a “buy” rating and set a $43.00 target price on shares of Newmont Goldcorp in a research report on Thursday, April 4th. BMO Capital Markets set a $208.00 target price on Jazz Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Deutsche Bank set a $81.00 target price on Franco Nevada and gave the company a “hold” rating in a research report on Thursday, July 11th. Raymond James set a $33.00 target price on LKQ and gave the company a “buy” rating in a research report on Friday, April 26th. Finally, Citigroup lowered Barrick Gold to a “neutral” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $41.56.
Newmont Goldcorp Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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