Newmont Co. (NYSE:NEM) Sees 31.3% Increase in Short Interest in February

Newmont Co. (NYSE:NEM) experienced a noteworthy rise in short interest throughout February. As of February 15th, the total short interest reached 21,640,000 shares, marking a substantial increase of 31.3% compared to the 16,480,000 shares reported on January 31st. Currently, about 1.9% of the company's total shares are sold short. With an average daily trading volume of 9,840,000 shares, the short-interest ratio is calculated at 2.2 days.

Recent Analyst Ratings

Several analysts have recently evaluated Newmont's stock. On February 24th, StockNews.com elevated the rating of Newmont shares from "hold" to "buy." In contrast, Raymond James lowered their target price from $62.00 to $59.00 while maintaining an "outperform" rating on November 25th. CLSA initiated coverage on Newmont with an "underperform" rating on November 29th. Meanwhile, Royal Bank of Canada raised their price target from $47.00 to $52.00 and assigned a "sector perform" rating on February 11th. Additionally, Scotiabank reduced their target price from $52.00 to $50.00, also keeping a "sector perform" rating as of January 21st. Overall, the stock has been rated as follows: one sell, seven hold, nine buy, and two strong buy ratings. According to MarketBeat.com, the consensus rating stands at "Moderate Buy" with a consensus price target of $53.16.

Newmont Stock Performance

On Tuesday, during midday trading, Newmont shares increased by 0.3%, reaching a price of $42.51. The trading volume for the day was 11,855,035 shares, surpassing the average volume of 9,751,259 shares. Over the past year, Newmont's stock has seen a low of $33.22 and a high of $58.72. The company holds a market capitalization of $47.90 billion and has a PE ratio of 14.51. The P/E/G ratio stands at 0.41 with a beta of 0.52. Key financial ratios include a quick ratio of 1.73 and a current ratio of 1.96 along with a debt-to-equity ratio of 0.30. Currently, the 50-day moving average price is $42.18, while the 200-day moving average price is $46.15.

Dividend Announced

Newmont also declared a quarterly dividend, slated for payment on March 27th. Shareholders registered by March 4th will receive a dividend of $0.25 per share. This translates to an annualized dividend of $1.00 and a yield of 2.35%. The ex-dividend date is established as March 4th, and the company's dividend payout ratio is reported at 34.13%.

Insider Transactions

In recent company news, COO Natascha Viljoen sold 9,000 shares of Newmont's stock on January 10th for $40.00 each, totaling $360,000. Following this sale, the COO retained ownership of 145,967 shares valued at approximately $5,838,680. This sale marked a 5.81% reduction in their stake. Similarly, EVP Peter Toth sold 3,000 shares at an average price of $42.89 on February 3rd, resulting in $128,670. Following this transaction, the executive vice president holds 79,596 shares valued at $3,413,872.44, which is a 3.63% decrease in ownership. Over the past ninety days, insiders have sold 28,154 shares valued at $1,166,843, with insiders currently owning 0.06% of the stock.

Institutional Ownership Changes

Recently, several institutional investors have adjusted their positions in Newmont. Norges Bank acquired a new stake valued at approximately $626,074,000 in the fourth quarter. Similarly, Voloridge Investment Management LLC purchased a stake worth around $92,693,000. Capital Research Global Investors increased their holdings by 70.7%, now owning 5,644,953 shares valued at $210,105,000. Renaissance Technologies LLC also acquired a new position worth $76,281,000 in the same quarter. Additionally, Invesco Ltd. raised its stake by 23.9%, holding 10,520,354 shares worth $391,568,000 after acquiring an additional 2,028,150 shares last quarter. Currently, institutional investors hold 68.85% of the company’s shares.

Company Overview

Newmont Corporation specializes in gold production and exploration, along with exploring for copper, silver, zinc, and lead. The company operates in multiple countries including the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

Newmont, Stocks, ShortInterest, Dividends