Newmont (NYSE:NEM) Hits New 52-Week High – Time to Buy?

by · The Cerbat Gem

Newmont Corporation (NYSE:NEM – Get Free Report)’s stock price hit a new 52-week high on Monday . The company traded as high as $61.17 and last traded at $60.87, with a volume of 2903498 shares. The stock had previously closed at $60.13.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research analyst reports. National Bank Financial upgraded Newmont to a “hold” rating in a research report on Friday, March 21st. National Bankshares reiterated a “sector perform” rating on shares of Newmont in a report on Tuesday, June 24th. Argus set a $63.00 price objective on Newmont in a report on Friday, April 25th. Stifel Canada upgraded Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.45.

Get Our Latest Stock Analysis on Newmont

Newmont Price Performance

The business’s 50 day moving average is $55.34 and its 200-day moving average is $49.06. The firm has a market capitalization of $67.74 billion, a P/E ratio of 13.68, a PEG ratio of 0.68 and a beta of 0.33. The company has a quick ratio of 1.70, a current ratio of 1.98 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM – Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.54. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Newmont had a net margin of 25.77% and a return on equity of 15.75%. During the same quarter in the previous year, the firm posted $0.55 earnings per share. As a group, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.64%. Newmont’s dividend payout ratio is currently 22.42%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director owned 43,103 shares in the company, valued at $2,532,301.25. This represents a 4.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the completion of the sale, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,231 shares of company stock worth $679,813 in the last quarter. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in NEM. Brighton Jones LLC raised 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 last quarter. Assetmark Inc. increased its stake in Newmont by 185.9% in the 4th quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company’s stock valued at $47,000 after buying an additional 820 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Newmont in the 4th quarter valued at about $3,956,000. Independent Advisor Alliance increased its stake in Newmont by 19.0% in the 4th quarter. Independent Advisor Alliance now owns 13,103 shares of the basic materials company’s stock valued at $488,000 after buying an additional 2,091 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its stake in Newmont by 0.9% in the 4th quarter. Great Lakes Advisors LLC now owns 42,467 shares of the basic materials company’s stock valued at $1,581,000 after buying an additional 381 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

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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