Newmont (NYSE:NEM) Stock Price Up 5.8% Following Analyst Upgrade

Newmont Corporation (NYSE:NEM) shares shot up 5.8% on Tuesday after National Bankshares raised their price target on the stock from $110.00 to $120.00. National Bankshares currently has an outperform rating on the stock. Newmont traded as high as $94.22 and last traded at $94.1450. 8,674,401 shares were traded during mid-day trading, a decline of 25% from the average session volume of 11,559,090 shares. The stock had previously closed at $89.00.

Several other equities analysts also recently commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a report on Monday, December 1st. Citigroup boosted their target price on Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Raymond James Financial set a $99.00 price target on Newmont and gave the stock an “outperform” rating in a report on Friday, October 24th. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. Finally, UBS Group upped their price objective on Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $96.37.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,240 shares of company stock valued at $943,985 over the last quarter. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently modified their holdings of NEM. Colonial Trust Advisors raised its stake in Newmont by 20.8% in the third quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock worth $58,000 after buying an additional 118 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Newmont by 53.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 139 shares during the period. HHM Wealth Advisors LLC raised its position in shares of Newmont by 26.4% in the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock worth $56,000 after acquiring an additional 140 shares in the last quarter. Fielder Capital Group LLC lifted its stake in shares of Newmont by 1.7% during the 3rd quarter. Fielder Capital Group LLC now owns 8,390 shares of the basic materials company’s stock worth $707,000 after purchasing an additional 141 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC boosted its position in Newmont by 2.3% during the third quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock valued at $566,000 after purchasing an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

The company has a market cap of $102.83 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.65 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The firm has a 50 day simple moving average of $87.37 and a 200-day simple moving average of $73.46.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 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 firm posted $0.81 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

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.