Newmont (NYSE:NEM) Hits New 1-Year High - Here's What Happened

Key Points

• Newmont Corporation's stock has reached a new 52-week high of $87.93, closing at $85.82, with a trading volume of over 1.3 million shares.
• Analyst upgrades have significantly increased target prices for Newmont, with UBS and BNP Paribas setting targets of $92.00, while Zacks downgraded the stock to "hold."
• The company has announced a quarterly dividend of $0.25, representing an annual yield of 1.2%, which will be distributed to shareholders on September 29th.

Shares of Newmont Corporation (NYSE:NEM - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $87.93 and last traded at $85.82, with a volume of 1382746 shares changing hands. The stock had previously closed at $85.25.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. UBS Group increased their target price on shares of Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a report on Friday, September 19th. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. BNP Paribas Exane increased their target price on shares of Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a report on Monday, September 15th. The Goldman Sachs Group increased their target price on shares of Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a report on Thursday, September 11th. Finally, Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $73.38.

Newmont Trading Down 0.5%

The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The firm's 50 day moving average is $72.02 and its 200 day moving average is $59.93. The company has a market capitalization of $93.15 billion, a PE ratio of 15.23, a P/E/G ratio of 0.99 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm's revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 earnings per share. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the sale, the director directly owned 38,949 shares of the company's stock, valued at $2,905,205.91. The trade was a 5.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,246 shares of company stock worth $1,253,559. Company insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently added to or reduced their stakes in NEM. Hemington Wealth Management increased its position in shares of Newmont by 17.6% during the second quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company's stock valued at $66,000 after purchasing an additional 170 shares during the period. IVC Wealth Advisors LLC grew its position in Newmont by 1.3% in the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock valued at $813,000 after acquiring an additional 173 shares during the period. L2 Asset Management LLC grew its position in Newmont by 3.6% in the second quarter. L2 Asset Management LLC now owns 4,987 shares of the basic materials company's stock valued at $291,000 after acquiring an additional 174 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its position in Newmont by 11.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock valued at $101,000 after acquiring an additional 185 shares during the period. Finally, Aaron Wealth Advisors LLC grew its position in Newmont by 4.4% in the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock valued at $260,000 after acquiring an additional 190 shares during the period. 68.85% of the stock is owned by hedge funds and other 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.

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