Newmont (NYSE:NEM) Stock Price Up 1.1% – Here’s Why

Newmont Corporation (NYSE:NEM) rose 1.1% during mid-day trading on Thursday . The company traded as high as $84.34 and last traded at $82.55. Approximately 9,654,707 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 11,829,180 shares. The stock had previously closed at $81.63.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Zacks Research raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. UBS Group raised their target price on shares of Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. Macquarie downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Bank of America boosted their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, BNP Paribas lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Buy” and an average target price of $86.92.

Newmont Stock Performance

The company has a 50-day moving average of $83.14 and a 200 day moving average of $67.46. The firm has a market capitalization of $91.00 billion, a PE ratio of 12.95, a PEG ratio of 0.53 and a beta of 0.33. 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 posted 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. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. Equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

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 issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio is 15.53%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’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 owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the sale, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This represents a 5.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,237 shares of company stock worth $906,799 over the last three months. 0.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the stock. Physician Wealth Advisors Inc. grew its stake in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 139 shares during the last quarter. Concord Wealth Partners lifted its position in Newmont by 534.7% during the 2nd 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 increased its holdings in Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after buying an additional 400 shares during the period. Finally, Salomon & Ludwin LLC acquired a new position in Newmont during the third quarter valued at $44,000. 68.85% of the stock is owned by 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.