Newmont (NYSE:NEM) Shares Up 2.1% – Still a Buy?

Newmont Corporation (NYSE:NEM) shares shot up 2.1% during trading on Thursday . The stock traded as high as $127.93 and last traded at $127.46. 6,934,768 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 9,889,917 shares. The stock had previously closed at $124.85.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. BNP Paribas Exane raised their target price on Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. National Bank Financial raised their price objective on Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Royal Bank Of Canada lifted their price target on shares of Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Finally, Macquarie Infrastructure increased their target price on Newmont from $115.00 to $126.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $132.88.

Newmont Trading Up 2.1%

The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The firm has a market cap of $138.66 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 1.06 and a beta of 0.40. The stock has a 50-day simple moving average of $114.64 and a two-hundred day simple moving average of $94.32.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.40 earnings per share. As a group, sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, March 3rd. This is an increase from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. Newmont’s dividend payout ratio is presently 15.65%.

Insider Buying and Selling

In other Newmont news, 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 value of $192,108.80. Following the transaction, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in 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 buying an additional 1,847 shares in the last quarter. Woodline Partners LP grew its position in shares of Newmont by 40.7% during the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Newmont during the 2nd quarter valued at approximately $240,000. Nisa Investment Advisors LLC lifted its holdings in Newmont by 0.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 114,565 shares of the basic materials company’s stock worth $6,675,000 after purchasing an additional 821 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Newmont by 176.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after purchasing an additional 285,897 shares during the period. 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.