Newmont (NYSE:NEM) Hits New 52-Week High – Here’s Why

Newmont Corporation (NYSE:NEM)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $118.49 and last traded at $117.9510, with a volume of 1256520 shares. The stock had previously closed at $114.12.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. UBS Group boosted their target price on shares of Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. Raymond James Financial lifted their price target on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Finally, Royal Bank Of Canada upped their price target on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $99.35.

Newmont Trading Up 3.8%

The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $129.28 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 0.80 and a beta of 0.41. The business has a 50 day simple moving average of $98.10 and a 200-day simple moving average of $83.22.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 EPS. On average, equities analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, November 26th. Newmont’s payout ratio is currently 15.53%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through 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 transaction of $192,108.80. Following the completion of the sale, the director directly 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,160 shares of company stock valued at $767,206 in the last quarter. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in Newmont by 677.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,488 shares of the basic materials company’s stock valued at $248,000 after buying an additional 2,168 shares during the last quarter. Analyst IMS Investment Management Services Ltd. purchased a new stake in Newmont during the 4th quarter worth approximately $258,000. 1900 Wealth Management LLC acquired a new stake in shares of Newmont during the fourth quarter worth approximately $299,000. Harbor Capital Advisors Inc. increased its stake in shares of Newmont by 303.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,608 shares of the basic materials company’s stock worth $161,000 after buying an additional 1,209 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its holdings in Newmont by 1.3% during the 4th quarter. Perigon Wealth Management LLC now owns 38,889 shares of the basic materials company’s stock worth $3,883,000 after acquiring an additional 512 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.