Newmont (NYSE:NEM) Shares Up 1.5% – Here’s What Happened
by Michael Walen · The Markets DailyShares of Newmont Corporation (NYSE:NEM – Get Free Report) shot up 1.5% on Tuesday . The stock traded as high as $114.68 and last traded at $114.4750. 7,852,433 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 10,649,147 shares. The stock had previously closed at $112.83.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on NEM. Canaccord Genuity Group increased their price objective on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Sanford C. Bernstein raised Newmont from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $121.00 to $157.00 in a report on Friday, February 27th. Wall Street Zen downgraded Newmont from a “buy” rating to a “hold” rating in a report on Saturday, April 4th. Scotiabank decreased their price objective on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a report on Friday, March 20th. Finally, Royal Bank Of Canada increased their price objective on Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $133.75.
Check Out Our Latest Stock Report on Newmont
Newmont Stock Up 0.7%
The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $128.53 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 0.88 and a beta of 0.46. The firm’s 50 day simple moving average is $115.33 and its 200-day simple moving average is $102.26.
Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.71. The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. Newmont’s revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.40 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.
Newmont Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd were given a $0.26 dividend. The ex-dividend date was Tuesday, March 3rd. This is a positive change from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 16.28%.
Insider Buying and Selling at Newmont
In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $113.09, for a total value of $339,270.00. Following the completion of the transaction, the executive vice president owned 52,315 shares in the company, valued at approximately $5,916,303.35. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the transaction, the insider owned 17,147 shares of the company’s stock, valued at $1,911,033.15. The trade was a 51.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 24,394 shares of company stock valued at $2,713,281 in the last quarter. 0.05% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the business. Estate Counselors LLC purchased a new stake in Newmont in the 3rd quarter valued at about $4,182,000. AustralianSuper Pty Ltd grew its holdings in Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after buying an additional 183,360 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Newmont by 24.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock valued at $30,775,000 after buying an additional 54,530 shares during the period. Knights of Columbus Asset Advisors LLC grew its holdings in Newmont by 286.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock valued at $5,101,000 after buying an additional 44,846 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Newmont by 172.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after buying an additional 2,723,044 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.
Newmont Company Profile
Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.