Newmont (NYSE:NEM) Shares Up 3.4% – Here’s What Happened

Newmont Corporation (NYSE:NEM)’s share price traded up 3.4% on Monday . The company traded as high as $105.68 and last traded at $104.6940. 8,795,554 shares were traded during trading, a decline of 24% from the average session volume of 11,552,920 shares. The stock had previously closed at $101.29.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NEM shares. Jefferies Financial Group reiterated a “buy” rating and issued a $120.00 price objective on shares of Newmont in a research note on Sunday, December 7th. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Finally, National Bankshares upped their price objective on shares of Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $96.37.

Newmont Stock Performance

The stock has a market capitalization of $114.27 billion, a P/E ratio of 16.26, a PEG ratio of 0.73 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average price of $89.95 and a two-hundred day moving average price of $76.76.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. Newmont’s revenue was up 20.0% compared to the same quarter last year. During the same period last year, the business earned $0.81 earnings per share. Equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

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

Insider Buying and Selling at Newmont

In related news, 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 transaction, the chief executive officer directly 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the 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 directly owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 11,240 shares of company stock worth $943,985. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently made changes to their positions in the business. Physician Wealth Advisors Inc. raised its holdings in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. JPL Wealth Management LLC bought a new position in Newmont in the third quarter worth about $27,000. Concord Wealth Partners raised its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after buying an additional 385 shares in the last quarter. Evermay Wealth Management LLC lifted its holdings in Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after buying an additional 400 shares during the period. Finally, Capital A Wealth Management LLC boosted its position in Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 478 shares in the last quarter. Hedge funds and other 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.