Newmont (NYSE:NEM) Hits New 1-Year High – Here’s What Happened

Newmont Corporation (NYSE:NEM) hit a new 52-week high on Friday . The stock traded as high as $102.35 and last traded at $101.6510, with a volume of 6821227 shares. The stock had previously closed at $99.34.

Analysts Set New Price Targets

NEM has been the topic of several recent research reports. TD Securities boosted their price objective on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. BNP Paribas cut shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target for the company. in a report on Friday, December 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Newmont in a report on Sunday, December 7th. Royal Bank Of Canada boosted their target price on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, The Goldman Sachs Group set a $104.30 price target on Newmont and gave the company a “buy” rating in a report on Sunday, October 12th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont currently has a consensus rating of “Buy” and an average target price of $96.37.

Newmont Stock Performance

The stock’s fifty day simple moving average is $89.13 and its 200-day simple moving average is $75.69. 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 company has a market capitalization of $110.78 billion, a PE ratio of 15.76, a PEG ratio of 0.70 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its quarterly earnings results 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 return on equity of 20.35% and a net margin of 33.42%.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 company earned $0.81 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,240 shares of company stock valued at $943,985 in the last ninety days. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the stock. Physician Wealth Advisors Inc. lifted its position in shares of Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Concord Wealth Partners raised its stake in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. JPL Wealth Management LLC acquired a new position in Newmont in the 3rd quarter valued at about $27,000. Evermay Wealth Management LLC lifted 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 valued at $29,000 after purchasing an additional 400 shares in the last quarter. Finally, Capital A Wealth Management LLC boosted its stake in shares of Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 478 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

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.