Newmont (NYSE:NEM) Reaches New 12-Month High at $51.71

Newmont Co. (NYSE:NEM)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $51.71 and last traded at $51.71, with a volume of 61655 shares. The stock had previously closed at $51.19.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NEM shares. Jefferies Financial Group lifted their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Sanford C. Bernstein cut their price objective on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Thursday, May 16th. BMO Capital Markets upped their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.92.

Newmont Stock Up 1.5 %

The company has a market capitalization of $59.93 billion, a P/E ratio of -19.17, a P/E/G ratio of 0.37 and a beta of 0.47. The business’s fifty day moving average price is $45.48 and its 200 day moving average price is $40.26. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.92%. Newmont’s payout ratio is -37.45%.

Insider Transactions at Newmont

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

Hedge Funds Weigh In On Newmont

A number of large investors have recently bought and sold shares of the company. Pekin Hardy Strauss Inc. grew its stake in shares of Newmont by 0.4% in the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after buying an additional 233 shares in the last quarter. KCM Investment Advisors LLC increased its holdings in shares of Newmont by 2.3% in the second quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after purchasing an additional 244 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in shares of Newmont by 3.8% during the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after buying an additional 278 shares during the last quarter. Moody National Bank Trust Division boosted its holdings in shares of Newmont by 1.7% during the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after buying an additional 296 shares during the period. Finally, Berkeley Capital Partners LLC grew its stake in Newmont by 5.6% in the 4th quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after buying an additional 318 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.