Newmont (NYSE:NEM) Hits New 52-Week High – Here’s Why

Shares of Newmont Co. (NYSE:NEM) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $58.30 and last traded at $58.30, with a volume of 58871 shares changing hands. The stock had previously closed at $57.62.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on NEM shares. BMO Capital Markets upped their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. UBS Group upped their target price on Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday, August 29th. Finally, Veritas upgraded shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.46.

Newmont Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company’s 50-day moving average is $52.88 and its 200-day moving average is $46.39. The firm has a market capitalization of $67.20 billion, a price-to-earnings ratio of -21.58, a PEG ratio of 0.43 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same quarter last year, the business earned $0.33 EPS. On average, research analysts expect that Newmont Co. will post 3.1 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,000 shares of company stock worth $3,434,640 in the last three months. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new position in Newmont in the 1st quarter valued at about $25,000. Strategic Financial Concepts LLC purchased a new position in Newmont in the second quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new stake in Newmont during the 2nd quarter valued at approximately $27,000. Hoese & Co LLP acquired a new stake in Newmont during the 3rd quarter valued at approximately $27,000. Finally, Heritage Wealth Advisors increased its holdings in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.