Newmont (NYSE:NEM) Reaches New 1-Year High – What’s Next?

Shares of Newmont Corporation (NYSE:NEM) hit a new 52-week high during trading on Friday . The stock traded as high as $105.99 and last traded at $105.2260, with a volume of 38934 shares traded. The stock had previously closed at $104.73.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NEM shares. BNP Paribas Exane lowered shares of Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 target price on the stock. in a research note on Friday, December 5th. TD Securities increased their price objective on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. National Bankshares increased their price target on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Finally, The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the company a “buy” rating in a research note on Sunday, October 12th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Newmont has an average rating of “Buy” and an average price target of $96.37.

Newmont Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The business has a 50 day simple moving average of $90.38 and a 200-day simple moving average of $77.49. The firm has a market cap of $115.44 billion, a price-to-earnings ratio of 16.43, a P/E/G ratio of 0.74 and a beta of 0.41.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping 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 firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is 15.53%.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’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 transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,240 shares of company stock worth $943,985 over the last ninety days. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently modified their holdings of the company. Colonial Trust Advisors increased its position in shares of Newmont by 20.8% during the third quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 118 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Newmont by 53.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 139 shares during the period. HHM Wealth Advisors LLC increased its position in shares of Newmont by 26.4% during the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock valued at $56,000 after purchasing an additional 140 shares during the last quarter. Fielder Capital Group LLC increased its position in shares of Newmont by 1.7% during the 3rd quarter. Fielder Capital Group LLC now owns 8,390 shares of the basic materials company’s stock valued at $707,000 after purchasing an additional 141 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC raised its stake in shares of Newmont by 2.3% during the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock worth $566,000 after purchasing an additional 145 shares during the period. Institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

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.