Newmont (NYSE:NEM) Hits New 12-Month High – Time to Buy?

Newmont Corporation (NYSE:NEM) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $135.09 and last traded at $135.2280, with a volume of 4969026 shares. The stock had previously closed at $131.84.

Analyst Ratings Changes

A number of research firms have recently weighed in on NEM. Wall Street Zen cut shares of Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. TD Cowen reiterated a “buy” rating on shares of Newmont in a research note on Monday, April 27th. The Goldman Sachs Group decreased their price objective on shares of Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Bank of America dropped their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Scotiabank boosted their price target on Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.73.

Newmont Stock Up 2.6%

The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The firm’s 50-day moving average price is $102.12 and its 200 day moving average price is $109.03. The firm has a market capitalization of $142.49 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the prior year, the firm earned $1.43 EPS. Sell-side analysts expect that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. Newmont’s dividend payout ratio (DPR) is presently 13.13%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the sale, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the transaction, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 32,091 shares of company stock worth $3,292,513. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently made changes to their positions in NEM. California State Teachers Retirement System increased its stake in Newmont by 9,010.9% in the second quarter. California State Teachers Retirement System now owns 155,311,124 shares of the basic materials company’s stock valued at $14,506,059,000 after purchasing an additional 153,606,457 shares during the last quarter. BlackRock Inc. acquired a new stake in Newmont in the 2nd quarter worth about $11,289,753,000. State Street Corp boosted its stake in Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after buying an additional 480,223 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Newmont in the 2nd quarter valued at about $671,197,000. Finally, Geode Capital Management LLC grew its holdings in Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after buying an additional 946,824 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

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.