Newmont (NYSE:NEM) Shares Up 1.8%

Newmont Co. (NYSE:NEM)’s stock price shot up 1.8% on Tuesday . The stock traded as high as $47.99 and last traded at $47.86. 2,286,727 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 11,192,650 shares. The stock had previously closed at $47.03.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NEM. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. TD Securities raised their price objective on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday, April 26th. Bank of America raised their price objective on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, UBS Group raised Newmont from a “neutral” rating to a “buy” rating and raised their price objective for the company from $40.00 to $50.00 in a report on Monday, June 17th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Newmont Trading Up 1.2 %

The firm has a 50-day moving average of $44.05 and a 200-day moving average of $39.28. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The firm has a market capitalization of $54.62 billion, a P/E ratio of -17.93, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. On average, equities research analysts anticipate that Newmont Co. will post 2.76 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.10%. Newmont’s dividend payout ratio is currently -37.45%.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently made changes to their positions in the company. American International Group Inc. boosted its position in shares of Newmont by 24.8% during the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after purchasing an additional 58,217 shares in the last quarter. Principal Financial Group Inc. raised its stake in Newmont by 34.1% during the fourth quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock valued at $53,009,000 after buying an additional 325,320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Newmont by 13.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock valued at $32,926,000 after buying an additional 94,692 shares during the last quarter. Premier Fund Managers Ltd purchased a new position in Newmont during the fourth quarter valued at $1,276,000. Finally, KLCM Advisors Inc. raised its stake in Newmont by 4.3% during the fourth quarter. KLCM Advisors Inc. now owns 427,826 shares of the basic materials company’s stock valued at $17,708,000 after buying an additional 17,791 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Company Profile

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.