Newmont (NYSE:NEM) Shares Up 2.1% – Here’s Why

Newmont Corporation (NYSE:NEM)’s share price was up 2.1% during mid-day trading on Thursday . The stock traded as high as $127.93 and last traded at $127.46. Approximately 6,934,768 shares were traded during trading, a decline of 30% from the average daily volume of 9,889,917 shares. The stock had previously closed at $124.85.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $177.00 price target on shares of Newmont in a report on Wednesday, February 4th. TD Cowen lifted their target price on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a report on Thursday, January 22nd. The Goldman Sachs Group increased their price target on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a research note on Monday, January 12th. BNP Paribas Exane raised their price target on Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Finally, UBS Group reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Newmont in a research note on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $132.88.

Newmont Stock Up 2.1%

The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. The company has a 50 day simple moving average of $114.64 and a two-hundred day simple moving average of $94.32. The company has a market capitalization of $138.66 billion, a P/E ratio of 19.95, a PEG ratio of 1.06 and a beta of 0.40.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 EPS. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, March 3rd. This is a positive change from Newmont’s previous quarterly dividend of $0.25. Newmont’s payout ratio is currently 15.65%.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GoalVest Advisory LLC bought a new position in shares of Newmont during the 4th quarter worth $25,000. Physician Wealth Advisors Inc. lifted its holdings in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares during the period. Swiss RE Ltd. purchased a new position in shares of Newmont in the 4th quarter valued at $26,000. Cornerstone Planning Group LLC raised its position in shares of Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new stake in shares of Newmont during the 3rd quarter worth $27,000. 68.85% of the stock is currently owned by institutional investors.

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.