Newmont (NYSE:NEM) Shares Up 2.7% – Here’s Why

Newmont Co. (NYSE:NEM) traded up 2.7% during trading on Wednesday . The company traded as high as $57.08 and last traded at $56.05. 6,030,990 shares were traded during trading, a decline of 47% from the average session volume of 11,439,763 shares. The stock had previously closed at $54.58.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NEM. StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Royal Bank of Canada increased their target price on Newmont from $51.00 to $52.00 and gave the company a “sector perform” rating in a report on Friday, April 4th. National Bank Financial raised Newmont to a “hold” rating in a research note on Friday, March 21st. Scotiabank reissued a “sector perform” rating on shares of Newmont in a research note on Monday. Finally, Raymond James upped their price target on shares of Newmont from $54.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $55.02.

Newmont Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The business has a 50-day moving average price of $46.95 and a 200 day moving average price of $45.13. The stock has a market capitalization of $62.08 billion, a P/E ratio of 18.80, a PEG ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.32 billion. As a group, sell-side analysts forecast that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Tuesday, March 4th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 1.82%. Newmont’s payout ratio is 34.13%.

Insider Buying and Selling at Newmont

In other Newmont news, COO Natascha Viljoen sold 9,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total transaction of $386,010.00. Following the completion of the sale, the chief operating officer now directly owns 136,967 shares in the company, valued at approximately $5,874,514.63. The trade was a 6.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $90,785.67. Following the completion of the sale, the director now directly owns 47,916 shares of the company’s stock, valued at $2,094,408.36. The trade was a 4.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,154 shares of company stock worth $825,678. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ipswich Investment Management Co. Inc. boosted its holdings in shares of Newmont by 1.4% in the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company’s stock worth $689,000 after buying an additional 200 shares during the last quarter. SOA Wealth Advisors LLC. increased its stake in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 201 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in Newmont by 3.8% in the 4th quarter. HighPoint Advisor Group LLC now owns 5,992 shares of the basic materials company’s stock worth $223,000 after purchasing an additional 219 shares during the period. Rothschild Investment LLC boosted its position in shares of Newmont by 8.5% in the first quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 219 shares during the period. Finally, Confluence Investment Management LLC raised its position in shares of Newmont by 2.4% during the 4th quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company’s stock valued at $439,000 after purchasing an additional 281 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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.