Newmont Goldcorp Corp (NYSE:NEM) Short Interest Up 29.8% in September

Newmont Goldcorp Corp (NYSE:NEM) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 17,350,000 shares, an increase of 29.8% from the August 30th total of 13,370,000 shares. Based on an average trading volume of 7,590,000 shares, the short-interest ratio is currently 2.3 days. Approximately 2.1% of the company’s shares are short sold.

NEM has been the subject of a number of research reports. ValuEngine upgraded shares of Newmont Goldcorp from a “strong sell” rating to a “sell” rating in a report on Friday. Raymond James set a $47.00 price objective on shares of Newmont Goldcorp and gave the company an “outperform” rating in a report on Monday, September 23rd. TD Securities dropped their price objective on shares of Newmont Goldcorp from $52.00 to $50.00 and set an “action list buy” rating for the company in a report on Monday, August 19th. BMO Capital Markets upgraded shares of Newmont Goldcorp from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a report on Wednesday, September 11th. Finally, Citigroup lifted their price objective on shares of Newmont Goldcorp from $44.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight 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 target price of $43.74.

Newmont Goldcorp stock traded down $1.32 during trading on Friday, reaching $37.62. The stock had a trading volume of 9,132,590 shares, compared to its average volume of 7,163,206. Newmont Goldcorp has a 52-week low of $29.06 and a 52-week high of $41.23. The business has a 50 day moving average price of $39.13 and a 200 day moving average price of $36.42. The company has a quick ratio of 1.38, a current ratio of 1.83 and a debt-to-equity ratio of 0.30. The stock has a market cap of $31.80 billion, a PE ratio of 27.87 and a beta of -0.10.

Newmont Goldcorp (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.11). Newmont Goldcorp had a positive return on equity of 4.79% and a negative net margin of 1.03%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the prior year, the firm earned $0.26 EPS. The firm’s revenue was up 35.8% compared to the same quarter last year. On average, equities analysts predict that Newmont Goldcorp will post 1.42 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were paid a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $0.56 dividend on an annualized basis and a yield of 1.49%. Newmont Goldcorp’s dividend payout ratio is currently 41.48%.

In other Newmont Goldcorp news, EVP Dean Gehring sold 3,500 shares of Newmont Goldcorp stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.32, for a total transaction of $137,620.00. Following the completion of the sale, the executive vice president now directly owns 24,810 shares in the company, valued at $975,529.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Thomas Ronald Palmer sold 16,000 shares of Newmont Goldcorp stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $35.89, for a total transaction of $574,240.00. Following the sale, the president now owns 256,823 shares of the company’s stock, valued at $9,217,377.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,555 shares of company stock valued at $3,020,824. Company insiders own 0.44% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Successful Portfolios LLC lifted its stake in Newmont Goldcorp by 4.3% in the third quarter. Successful Portfolios LLC now owns 7,654 shares of the basic materials company’s stock worth $290,000 after acquiring an additional 315 shares during the last quarter. Clarus Wealth Advisors purchased a new position in Newmont Goldcorp in the third quarter worth approximately $282,000. Pacer Advisors Inc. lifted its stake in Newmont Goldcorp by 3.6% in the third quarter. Pacer Advisors Inc. now owns 88,354 shares of the basic materials company’s stock worth $3,350,000 after acquiring an additional 3,092 shares during the last quarter. Cerebellum GP LLC lifted its stake in Newmont Goldcorp by 25.1% in the third quarter. Cerebellum GP LLC now owns 11,416 shares of the basic materials company’s stock worth $433,000 after acquiring an additional 2,287 shares during the last quarter. Finally, Polaris Greystone Financial Group LLC lifted its stake in Newmont Goldcorp by 2.7% in the third quarter. Polaris Greystone Financial Group LLC now owns 812,839 shares of the basic materials company’s stock worth $30,782,000 after acquiring an additional 21,622 shares during the last quarter. Institutional investors own 80.31% of the company’s stock.

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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