Unusual Put Option Trade in Newmont Mining Worth $1,505K

On April 11, 2023 at 11:06:25 ET an unusually large $1,505.00K block of Put contracts in Newmont Mining (NEM) was bought, with a strike price of $50.00 / share, expiring in 157 days (on September 15, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 6.33 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in NEM options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 13.20% Upside

As of April 6, 2023, the average one-year price target for Newmont Mining is $57.83. The forecasts range from a low of $48.48 to a high of $70.35. The average price target represents an increase of 13.20% from its latest reported closing price of $51.09.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Newmont Mining is $11,905MM, a decrease of 0.08%. The projected annual non-GAAP EPS is $1.98.

What is the Fund Sentiment?

There are 1910 funds or institutions reporting positions in Newmont Mining. This is an increase of 39 owner(s) or 2.08% in the last quarter. Average portfolio weight of all funds dedicated to NEM is 0.46%, an increase of 3.39%. Total shares owned by institutions increased in the last three months by 0.04% to 710,095K shares. The put/call ratio of NEM is 0.55, indicating a bullish outlook.

What are Large Shareholders Doing?

Van Eck Associates holds 36,058K shares representing 4.54% ownership of the company. In it’s prior filing, the firm reported owning 33,137K shares, representing an increase of 8.10%. The firm increased its portfolio allocation in NEM by 6.10% over the last quarter.

GDX – VanEck Vectors Gold Miners ETF holds 31,852K shares representing 4.01% ownership of the company. In it’s prior filing, the firm reported owning 28,729K shares, representing an increase of 9.81%. The firm decreased its portfolio allocation in NEM by 2.42% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 24,137K shares representing 3.04% ownership of the company. In it’s prior filing, the firm reported owning 23,657K shares, representing an increase of 1.99%. The firm increased its portfolio allocation in NEM by 5.81% over the last quarter.

First Eagle Investment Management holds 18,397K shares representing 2.32% ownership of the company. In it’s prior filing, the firm reported owning 17,855K shares, representing an increase of 2.94%. The firm increased its portfolio allocation in NEM by 6.19% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 18,349K shares representing 2.31% ownership of the company. In it’s prior filing, the firm reported owning 17,992K shares, representing an increase of 1.95%. The firm increased its portfolio allocation in NEM by 5.51% over the last quarter.

Newmont Background Information
(This description is provided by the company.)

Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

This article originally appeared on Fintel