Newmont (NYSE:NEM) Trading Up 3.8% After Analyst Upgrade

Newmont Corporation (NYSE:NEM) rose 3.8% on Monday after Argus raised their price target on the stock from $75.00 to $94.00. The company traded as high as $87.30 and last traded at $86.67. Approximately 16,710,082 shares were traded during mid-day trading, an increase of 42% from the average daily volume of 11,728,726 shares. The stock had previously closed at $83.49.

A number of other equities research analysts have also weighed in on NEM. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. BNP Paribas lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. UBS Group upped their price objective on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, National Bank Financial raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $91.20.

Insiders Place Their Bets

In related news, 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 transaction of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the sale, the director owned 34,789 shares in the company, valued at approximately $2,816,517.44. This trade represents a 5.64% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 11,237 shares of company stock valued at $906,799. 0.05% of the stock is owned by corporate insiders.

Institutional Trading of Newmont

Hedge funds have recently made changes to their positions in the stock. Physician Wealth Advisors Inc. raised its stake in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Newmont in the third quarter worth $27,000. Harbor Capital Advisors Inc. increased its holdings in shares of Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 139 shares in the last quarter. Concord Wealth Partners raised its position in shares of Newmont by 534.7% in the 2nd 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 last quarter. Finally, Evermay Wealth Management LLC boosted its stake in Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 400 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Trading Up 3.8%

The stock’s 50 day moving average is $85.47 and its 200-day moving average is $70.30. The company has a market cap of $94.58 billion, a P/E ratio of 13.46, 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.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 earnings per share. Research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

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

About Newmont

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.