Newmont (NYSE:NEM) Hits New 52-Week High – Should You Buy?

Newmont Corporation (NYSE:NEM)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $80.97 and last traded at $80.87, with a volume of 2535381 shares changing hands. The stock had previously closed at $78.32.

Analysts Set New Price Targets

NEM has been the subject of a number of recent research reports. Raymond James Financial raised their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. BNP Paribas Exane lifted their price target on shares of Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Stifel Canada raised shares of Newmont to a “strong-buy” rating in a research report on Tuesday, July 8th. Macquarie lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.31.

Newmont Stock Performance

The firm has a market cap of $89.72 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 0.96 and a beta of 0.34. The stock’s 50-day moving average price is $69.47 and its 200 day moving average price is $58.42. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the company earned $0.72 earnings per share. The company’s quarterly revenue was up 20.8% on a year-over-year basis. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Newmont’s dividend payout ratio is 17.95%.

Insider Activity at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the completion of the sale, the director owned 38,949 shares of the company’s stock, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock worth $1,253,559 in the last quarter. 0.05% of the stock is owned by insiders.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Concord Wealth Partners grew its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares during the period. Evermay Wealth Management LLC raised its stake in Newmont by 408.2% during 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 during the period. SOA Wealth Advisors LLC. increased its stake in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 201 shares during the last quarter. CoreFirst Bank & Trust bought a new stake in Newmont in the 2nd quarter worth approximately $32,000. Finally, Cloud Capital Management LLC bought a new stake in Newmont in the 1st quarter worth approximately $26,000. Institutional investors own 68.85% of the company’s stock.

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.