Newmont (NYSE:NEM) Hits New 52-Week High - Time to Buy?

Newmont Corporation (NYSE:NEM - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $60.28 and last traded at $59.82, with a volume of 2941636 shares traded. The stock had previously closed at $58.23.

Wall Street Analyst Weigh In

NEM has been the subject of several research reports. TD Securities reduced their target price on shares of Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a research note on Wednesday, February 26th. National Bank Financial upgraded Newmont to a "hold" rating in a research report on Friday, March 21st. Royal Bank Of Canada raised their target price on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. Finally, Argus set a $63.00 price objective on shares of Newmont in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $57.68.

Newmont Stock Performance

The stock has a 50 day moving average price of $53.95 and a two-hundred day moving average price of $47.16. The company has a market capitalization of $64.69 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 0.98 and a beta of 0.31. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.98 and a quick ratio of 1.70.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The business had revenue of $5.01 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the firm earned $0.55 earnings per share. On average, analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.72%. The ex-dividend date was Tuesday, May 27th. Newmont's dividend payout ratio is 22.42%.

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $112,344.93. Following the completion of the sale, the director now directly owns 45,180 shares of the company's stock, valued at $2,443,786.20. The trade was a 4.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president now owns 77,526 shares in the company, valued at approximately $4,193,381.34. This trade represents a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,154 shares of company stock worth $381,539. Company insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Newmont

Several large investors have recently bought and sold shares of NEM. SOA Wealth Advisors LLC. increased its stake in Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC acquired a new position in shares of Newmont in the first quarter valued at approximately $26,000. Colonial Trust Advisors increased its position in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after acquiring an additional 429 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after acquiring an additional 347 shares during the period. Finally, Nexus Investment Management ULC bought a new stake in Newmont in the 1st quarter valued at $31,000. Institutional investors 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.