Newmont (NYSE:NEM) Trading Up 4.9% – What’s Next?

Newmont Corporation (NYSE:NEM) shot up 4.9% during trading on Wednesday . The stock traded as high as $90.90 and last traded at $90.5090. 7,243,794 shares were traded during trading, a decline of 38% from the average session volume of 11,697,922 shares. The stock had previously closed at $86.27.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. Argus increased their target price on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. National Bankshares reaffirmed an “outperform” rating on shares of Newmont in a report on Monday, September 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research note on Tuesday. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Finally, Citigroup raised their price target on Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $91.20.

Newmont Stock Up 4.9%

The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The firm has a market cap of $98.77 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The stock’s fifty day moving average is $85.62 and its two-hundred day moving average is $70.52.

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

Newmont Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 34,789 shares of the company’s stock, valued at approximately $2,816,517.44. This represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,237 shares of company stock valued at $906,799 over the last quarter. 0.05% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

Several large investors have recently added to or reduced their stakes in NEM. CIBC Bancorp USA Inc. bought a new position in Newmont in the 3rd quarter worth $37,661,000. Achmea Investment Management B.V. increased its position in shares of Newmont by 254.6% during the third quarter. Achmea Investment Management B.V. now owns 472,867 shares of the basic materials company’s stock valued at $39,868,000 after buying an additional 339,526 shares during the period. Centaurus Financial Inc. bought a new position in Newmont in the third quarter worth about $188,000. First Affirmative Financial Network grew its holdings in shares of Newmont by 13.2% during the 3rd quarter. First Affirmative Financial Network now owns 4,986 shares of the basic materials company’s stock worth $420,000 after acquiring an additional 582 shares during the period. Finally, Caerus Investment Advisors LLC bought a new position in shares of Newmont in the 3rd quarter worth approximately $561,000. 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.