Newmont (NYSE:NEM) Shares Up 4.9% – Time to Buy?

Newmont Corporation (NYSE:NEM)’s stock price rose 4.9% on Wednesday . The stock traded as high as $90.90 and last traded at $90.5090. Approximately 7,243,794 shares were traded during trading, a decline of 38% from the average daily volume of 11,697,922 shares. The stock had previously closed at $86.27.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of recent analyst reports. Raymond James Financial set a $99.00 target price on shares of Newmont and gave the company an “outperform” rating in a research note on Friday, October 24th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. BNP Paribas Exane upped their target price on shares of Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Finally, UBS Group lifted their price target on shares of Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $91.20.

Newmont Trading Up 0.1%

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 company has a market capitalization of $98.93 billion, a P/E ratio of 14.08, a PEG ratio of 0.53 and a beta of 0.33. The company’s fifty day simple moving average is $86.10 and its 200-day simple moving average is $70.80.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the sale, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This trade represents a 5.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,237 shares of company stock worth $906,799 over the last quarter. Company insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

A number of institutional investors have recently modified their holdings of the company. Colonial Trust Advisors lifted its position in 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. increased its position in shares of Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 139 shares in the last quarter. HHM Wealth Advisors LLC increased its position in shares of Newmont by 26.4% during the third quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock worth $56,000 after purchasing an additional 140 shares in the last quarter. Fielder Capital Group LLC lifted its holdings 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 boosted its position in shares of Newmont by 2.3% in 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 in the last quarter. 68.85% of the stock is currently owned by institutional investors.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.