Newmont Goldcorp Corp (NYSE:NEM) Sees Large Decrease in Short Interest

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Newmont Goldcorp Corp (NYSE:NEM) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 42,900,866 shares, a decline of 7.7% from the March 29th total of 46,456,450 shares. Approximately 8.1% of the company’s stock are short sold. Based on an average trading volume of 8,878,635 shares, the short-interest ratio is currently 4.8 days.

In other news, EVP E Randall Engel sold 17,100 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $37.14, for a total value of $635,094.00. Following the transaction, the executive vice president now owns 236,847 shares in the company, valued at $8,796,497.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Elaine J. Dorward-King sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $30.90, for a total transaction of $92,700.00. Following the completion of the transaction, the executive vice president now owns 142,122 shares in the company, valued at approximately $4,391,569.80. The disclosure for this sale can be found here. Insiders have sold 43,850 shares of company stock worth $1,544,937 in the last three months. 0.44% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlueMountain Capital Management LLC bought a new position in shares of Newmont Goldcorp in the first quarter worth approximately $6,487,000. CWM Advisors LLC boosted its position in shares of Newmont Goldcorp by 33.3% in the first quarter. CWM Advisors LLC now owns 23,764 shares of the basic materials company’s stock worth $850,000 after purchasing an additional 5,937 shares during the period. BlueCrest Capital Management Ltd boosted its position in shares of Newmont Goldcorp by 76.5% in the first quarter. BlueCrest Capital Management Ltd now owns 190,873 shares of the basic materials company’s stock worth $6,828,000 after purchasing an additional 82,742 shares during the period. Graticule Asia Macro Advisors LLC bought a new position in shares of Newmont Goldcorp in the first quarter worth approximately $1,967,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Newmont Goldcorp by 5.2% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 23,736 shares of the basic materials company’s stock worth $847,000 after purchasing an additional 1,174 shares during the period. Institutional investors and hedge funds own 87.57% of the company’s stock.

NEM has been the topic of several analyst reports. Desjardins reiterated a “buy” rating and issued a $43.00 target price on shares of Newmont Goldcorp in a research note on Thursday, April 4th. Raymond James set a $47.00 price objective on shares of Newmont Goldcorp and gave the company an “outperform” rating in a report on Tuesday, March 26th. TD Securities raised shares of Newmont Goldcorp from a “hold” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $46.00 in a report on Monday, April 22nd. B. Riley reissued a “neutral” rating and set a $38.40 price objective on shares of Newmont Goldcorp in a report on Tuesday, March 19th. Finally, Barclays reissued a “buy” rating and set a $39.00 price objective on shares of Newmont Goldcorp in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Newmont Goldcorp has a consensus rating of “Hold” and a consensus price target of $40.96.

NEM stock traded up $0.37 during midday trading on Friday, reaching $30.92. 6,777,900 shares of the company’s stock traded hands, compared to its average volume of 11,511,782. Newmont Goldcorp has a 52-week low of $29.06 and a 52-week high of $40.03. The stock has a market cap of $25.15 billion, a P/E ratio of 22.90 and a beta of -0.04. The company has a current ratio of 2.97, a quick ratio of 2.62 and a debt-to-equity ratio of 0.32.

Newmont Goldcorp (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.07. Newmont Goldcorp had a net margin of 3.26% and a return on equity of 6.13%. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same period in the prior year, the company earned $0.35 earnings per share. The firm’s revenue was down .8% on a year-over-year basis. As a group, equities analysts forecast that Newmont Goldcorp will post 1.39 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Thursday, June 6th will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 1.81%. Newmont Goldcorp’s dividend payout ratio is currently 41.48%.

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About Newmont Goldcorp

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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