Newmont (NYSE:NEM) Trading 5.9% Higher – Here’s Why

Newmont Corporation (NYSE:NEM)’s share price rose 5.9% during mid-day trading on Monday . The stock traded as high as $88.86 and last traded at $88.33. Approximately 10,135,106 shares traded hands during trading, a decline of 14% from the average daily volume of 11,801,510 shares. The stock had previously closed at $83.39.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. UBS Group upped their price objective on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a report on Thursday, October 16th. BNP Paribas Exane raised their target price on Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, September 15th. Royal Bank Of Canada upped their price target on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Finally, Macquarie downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Five research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Newmont has a consensus rating of “Buy” and an average target price of $86.92.

Newmont Stock Up 5.9%

The company has a market capitalization of $96.39 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 0.53 and a beta of 0.33. The business has a fifty day simple moving average of $83.14 and a two-hundred day simple moving average of $67.65. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. Equities analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the sale, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,237 shares of company stock worth $906,799 over the last 90 days. 0.05% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently bought and sold shares of the company. Physician Wealth Advisors Inc. increased its position in shares of Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 236 shares during the last quarter. Colonial Trust Advisors boosted its stake in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the period. Concord Wealth Partners increased its position in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares during the period. Evermay Wealth Management LLC raised its position in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares in the last quarter. Finally, Capital A Wealth Management LLC lifted its position in shares of Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 478 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.