Newmont (NYSE:NEM) Reaches New 12-Month High at $55.42

Newmont Co. (NYSE:NEM) reached a new 52-week high during trading on Monday . The stock traded as high as $55.42 and last traded at $55.40, with a volume of 1130185 shares. The stock had previously closed at $54.47.

Analyst Upgrades and Downgrades

NEM has been the topic of several analyst reports. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Bank of America lifted their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Jefferies Financial Group increased their price target on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average price target of $52.62.

Newmont Price Performance

The stock has a market capitalization of $63.65 billion, a price-to-earnings ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The business’s 50 day simple moving average is $50.10 and its 200-day simple moving average is $43.61.

Newmont (NYSE:NEM) last posted 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 the consensus estimate of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period last year, the company posted $0.33 EPS. On average, research analysts forecast that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.81%. Newmont’s dividend payout ratio is -37.45%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock valued at $2,744,700 over the last ninety days. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

Large investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Newmont by 117.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 629,800 shares of the basic materials company’s stock worth $26,370,000 after buying an additional 339,800 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Newmont during the 2nd quarter worth $91,000. Heritage Wealth Management Inc. purchased a new position in shares of Newmont during the 2nd quarter valued at approximately $239,000. Sanctuary Advisors LLC acquired a new stake in Newmont during the second quarter valued at approximately $682,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Newmont during the 2nd quarter valued at approximately $754,000. 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.