Newmont (NYSE:NEM) Hits New 12-Month High – What’s Next?

Newmont Corporation (NYSE:NEM)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $102.35 and last traded at $101.6510, with a volume of 6821227 shares changing hands. The stock had previously closed at $99.34.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Macquarie upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Raymond James Financial set a $99.00 price objective on shares of Newmont and gave the company an “outperform” rating in a research note on Friday, October 24th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Royal Bank Of Canada boosted their price target on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, TD Securities increased their price objective on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $96.37.

Newmont Stock Up 2.2%

The firm’s 50-day simple moving average is $88.80 and its 200-day simple moving average is $75.23. The company has a market capitalization of $110.78 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 0.69 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. Newmont’s payout ratio is currently 15.53%.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were 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. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,240 shares of company stock valued at $943,985 over the last ninety days. 0.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. lifted its stake in Newmont by 176.4% in the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares during the period. Knights of Columbus Asset Advisors LLC raised its holdings in Newmont by 59.6% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after buying an additional 5,848 shares during the last quarter. Generate Investment Management Ltd lifted its stake in shares of Newmont by 25.9% in the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock valued at $22,079,000 after buying an additional 77,865 shares in the last quarter. Midwest Trust Co bought a new stake in Newmont during the 2nd quarter worth approximately $4,424,000. Finally, Kaizen Financial Strategies purchased a new stake in Newmont in the 2nd quarter valued at $202,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.