Newmont (NYSE:NEM) Reaches New 12-Month High – Here’s What Happened

Newmont Corporation (NYSE:NEM) shares reached a new 52-week high on Thursday . The company traded as high as $99.21 and last traded at $99.3480, with a volume of 4596070 shares traded. The stock had previously closed at $94.40.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NEM shares. The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the company a “buy” rating in a research note on Sunday, October 12th. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. TD Securities increased their price objective on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. CIBC set a $112.00 target price on shares of Newmont and gave the company an “outperformer” rating in a research note on Friday, October 10th. Finally, Citigroup raised their price target on shares of Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Newmont currently has an average rating of “Buy” and a consensus price target of $96.37.

Newmont Stock Performance

The firm has a market capitalization of $107.17 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 0.69 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The stock’s fifty day moving average is $87.86 and its two-hundred day moving average is $73.94.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was up 20.0% compared to the same quarter last year. Analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors 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 1.0%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction 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 represents a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares of the company’s stock, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 11,240 shares of company stock worth $943,985 over the last ninety days. 0.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings in shares of Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 1,847 shares during the period. Benjamin Edwards Inc. bought a new position in Newmont in the 1st quarter worth about $535,000. Boston Partners acquired a new stake in shares of Newmont in the first quarter valued at approximately $5,349,000. Holderness Investments Co. acquired a new position in Newmont during the 1st quarter worth $217,000. Finally, Sienna Gestion bought a new position in Newmont in the 1st quarter valued at about $1,186,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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.