Newmont (NYSE:NEM) Trading Up 1.7% – Time to Buy?

Shares of Newmont Corporation (NYSE:NEM) rose 1.7% on Friday . The company traded as high as $83.89 and last traded at $83.38. Approximately 10,155,743 shares changed hands during trading, a decline of 13% from the average daily volume of 11,710,878 shares. The stock had previously closed at $82.00.

Analysts Set New Price Targets

Several research firms have recently issued reports on NEM. Royal Bank Of Canada increased their price objective on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. UBS Group raised their target price on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. Macquarie lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Four research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average price target of $88.99.

Newmont Stock Performance

The company has a market capitalization of $90.99 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth 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 stock has a 50-day simple moving average of $85.25 and a 200-day simple moving average of $69.63.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the firm earned $0.81 earnings per share. The business’s revenue was up 20.0% compared to the same quarter last year. On average, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio is 15.53%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the transaction, the director directly owned 34,789 shares in the company, valued at approximately $2,816,517.44. This trade represents a 5.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’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 approximately $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 11,237 shares of company stock worth $906,799 in the last ninety days. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several large investors have recently added to or reduced their stakes in NEM. Norges Bank bought a new stake in Newmont during the second quarter valued at $919,170,000. Invesco Ltd. boosted its holdings in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the period. Northern Trust Corp grew its position in shares of Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after buying an additional 191,940 shares during the last quarter. Amundi raised its stake in Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after acquiring an additional 343,535 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Newmont by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock worth $423,572,000 after acquiring an additional 1,201,237 shares during the last quarter. 68.85% of the stock is currently owned by 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.