Newmont (NYSE:NEM) Stock Price Up 2.3% – Here’s What Happened
by Mitch Edgeman · The Markets DailyNewmont Corporation (NYSE:NEM – Get Free Report) shares traded up 2.3% during trading on Monday . The company traded as high as $105.86 and last traded at $103.5050. 8,811,661 shares traded hands during trading, an increase of 12% from the average session volume of 7,869,992 shares. The stock had previously closed at $101.22.
Analysts Set New Price Targets
A number of equities analysts have commented on NEM shares. Royal Bank Of Canada boosted their price target on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Macquarie raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Bank of America boosted their price objective on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, TD Securities raised their target price on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Buy” and an average price target of $97.08.
Get Our Latest Stock Analysis on NEM
Newmont Stock Up 2.3%
The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The company has a market cap of $112.95 billion, a P/E ratio of 16.07, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The firm’s 50 day moving average price is $91.62 and its 200-day moving average price is $79.17.
Newmont (NYSE:NEM – Get Free Report) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.
Newmont Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, November 26th. Newmont’s dividend payout ratio is presently 15.53%.
Insider Activity
In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director owned 32,709 shares of the company’s stock, 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. Over the last quarter, insiders have sold 9,160 shares of company stock worth $767,206. Corporate insiders own 0.05% of the company’s stock.
Institutional Investors Weigh In On Newmont
A number of large investors have recently added to or reduced their stakes in NEM. Confluence Investment Management LLC boosted its position in Newmont by 10.5% during the fourth quarter. Confluence Investment Management LLC now owns 15,137 shares of the basic materials company’s stock worth $1,511,000 after purchasing an additional 1,434 shares during the period. Park Avenue Securities LLC boosted its holdings in shares of Newmont by 15.5% during the 4th quarter. Park Avenue Securities LLC now owns 73,295 shares of the basic materials company’s stock worth $7,318,000 after buying an additional 9,833 shares during the period. Coastline Trust Co bought a new stake in shares of Newmont during the 4th quarter worth about $1,141,000. GoalVest Advisory LLC acquired a new position in Newmont in the 4th quarter valued at about $25,000. Finally, GK Wealth Management LLC bought a new position in Newmont in the 4th quarter valued at about $275,000. 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.