Newmont (NYSE:NEM) Shares Up 5.3% – Here’s What Happened

by · The Markets Daily

Newmont Corporation (NYSE:NEM – Get Free Report)’s share price traded up 5.3% during trading on Thursday . The stock traded as high as $100.41 and last traded at $99.38. 11,543,640 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 11,566,333 shares. The stock had previously closed at $94.40.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Macquarie raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. National Bankshares lifted their price objective on shares of Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday. Jefferies Financial Group reiterated a “buy” rating and issued a $120.00 target price on shares of Newmont in a research note on Sunday. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. Finally, Argus upped their price objective on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont presently has a consensus rating of “Buy” and a consensus price target of $96.37.

View Our Latest Stock Analysis on NEM

Newmont Stock Up 5.3%

The stock has a 50 day moving average price of $87.37 and a 200 day moving average price of $73.46. 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 company has a market capitalization of $108.45 billion, a P/E ratio of 15.43, a PEG ratio of 0.65 and a beta of 0.41.

Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Equities research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio is 15.53%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director 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 valued at $943,985 over the last three months. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Physician Wealth Advisors Inc. lifted its position in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Colonial Trust Advisors raised its stake in shares of Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the period. Concord Wealth Partners lifted its holdings 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 purchasing an additional 385 shares in the last quarter. JPL Wealth Management LLC bought a new position in Newmont in the 3rd quarter worth about $27,000. Finally, Evermay Wealth Management LLC grew its holdings in Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Company Profile

(Get Free Report)

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.

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