Newmont (NYSE:NEM) Trading 1.9% Higher – Here’s What Happened

Shares of Newmont Corporation (NYSE:NEM) were up 1.9% during mid-day trading on Tuesday . The stock traded as high as $90.35 and last traded at $89.94. Approximately 10,588,172 shares traded hands during trading, a decline of 10% from the average daily volume of 11,795,949 shares. The stock had previously closed at $88.26.

Analysts Set New Price Targets

A number of brokerages have recently commented on NEM. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Citigroup lifted their price target on Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Finally, Zacks Research upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Five analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.99.

Newmont Trading Up 1.9%

The stock has a market capitalization of $98.15 billion, a PE ratio of 13.97, a PEG ratio of 0.53 and a beta of 0.33. 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 business’s 50-day moving average is $83.42 and its two-hundred day moving average is $67.88.

Newmont (NYSE:NEM) last released its quarterly earnings data 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 return on equity of 20.35% and a net margin of 33.42%.The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $0.81 earnings per share. The firm’s revenue was up 20.0% compared to the same quarter last year. On average, analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont’s payout ratio is 15.53%.

Insider Activity at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This trade represents a 5.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, 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 sold 11,237 shares of company stock valued at $906,799 in the last ninety days. 0.05% of the stock is owned by corporate insiders.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently modified their holdings of the business. Colonial Trust Advisors boosted its holdings in Newmont by 20.8% in the third quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 118 shares during the last quarter. Waddell & Associates LLC raised its position in shares of Newmont by 22.7% in the 3rd quarter. Waddell & Associates LLC now owns 13,381 shares of the basic materials company’s stock valued at $1,128,000 after purchasing an additional 2,474 shares in the last quarter. Zhang Financial LLC purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $373,000. TD Asset Management Inc grew its position in shares of Newmont by 5.5% during the third quarter. TD Asset Management Inc now owns 1,341,284 shares of the basic materials company’s stock worth $113,084,000 after buying an additional 69,882 shares in the last quarter. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of Newmont in the third quarter worth $272,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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.