Newmont Corporation (NYSE:NEM) Announces $0.25 Quarterly Dividend

Key Points

• Newmont Corporation declared a quarterly dividend of $0.25 per share, indicating an annualized dividend of $1.00 with a yield of 1.52%. The ex-dividend date is September 4th, with payment set for September 29th.
• Newmont's earnings per share (EPS) for the last quarter was $1.43, exceeding analysts' estimates by $0.48, while revenues grew 20.8% year-over-year to $5.32 billion.
• Research analysts have set a consensus rating of "Moderate Buy" on Newmont, with price targets ranging from $60.00 to $73.00, reflecting positive sentiment among market analysts.

Newmont Corporation (NYSE:NEM - Get Free Report) declared a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Investors of record on Thursday, September 4th will be paid a dividend of 0.25 per share by the basic materials company on Monday, September 29th. This represents a $1.00 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, September 4th.

Newmont has a payout ratio of 22.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Newmont to earn $3.80 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 26.3%.

Newmont Trading Up 6.9%

Newmont stock traded up $4.24 during mid-day trading on Friday, hitting $65.75. The company's stock had a trading volume of 30,887,974 shares, compared to its average volume of 12,256,656. The firm has a market capitalization of $73.18 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 0.90 and a beta of 0.33. Newmont has a 1 year low of $36.86 and a 1 year high of $66.57. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25. The stock's fifty day moving average is $56.74 and its two-hundred day moving average is $50.28.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 15.75% and a net margin of 25.77%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the business posted $0.72 earnings per share. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. On average, analysts anticipate that Newmont will post 3.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NEM shares. Stifel Nicolaus initiated coverage on Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target for the company. UBS Group increased their price objective on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. Stifel Canada upgraded Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. National Bankshares reiterated a "sector perform" rating on shares of Newmont in a research note on Tuesday, June 24th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $62.49.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the sale, the executive vice president owned 74,526 shares in the company, valued at approximately $4,378,402.50. The trade was a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director owned 43,103 shares in the company, valued at $2,532,301.25. This trade represents a 4.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,231 shares of company stock worth $679,813 in the last quarter. Insiders own 0.05% of the company's stock.

Hedge Funds Weigh In On Newmont

A hedge fund recently raised its stake in Newmont stock. Woodline Partners LP grew its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 40.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 96,182 shares of the basic materials company's stock after acquiring an additional 27,813 shares during the period. Woodline Partners LP's holdings in Newmont were worth $4,644,000 at the end of the most recent reporting period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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