Newmont (NYSE:NEM) Hits New 1-Year High - Time to Buy?

Newmont Corporation (NYSE:NEM - Get Free Report)'s share price reached a new 52-week high on Monday . The company traded as high as $61.17 and last traded at $60.87, with a volume of 2903498 shares. The stock had previously closed at $60.13.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Scotiabank reissued a "sector perform" rating on shares of Newmont in a research report on Monday, April 14th. The Goldman Sachs Group restated a "neutral" rating and issued a $60.90 price target on shares of Newmont in a research report on Tuesday, July 8th. Cfra Research raised shares of Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Stifel Nicolaus began coverage on shares of Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price objective on the stock. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Newmont in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $62.49.

Newmont Stock Down 5.6%

The company's fifty day simple moving average is $55.50 and its 200 day simple moving average is $49.22. The firm has a market capitalization of $63.87 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 0.68 and a beta of 0.33. The company has a quick ratio of 1.70, a current ratio of 1.98 and a debt-to-equity ratio of 0.25.

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

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.74%. Newmont's dividend payout ratio is presently 22.42%.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director directly owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the completion of the transaction, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,231 shares of company stock valued at $679,813 in the last ninety days. 0.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEM. Geode Capital Management LLC lifted its stake in shares of Newmont by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock worth $919,484,000 after acquiring an additional 1,213,397 shares during the period. Norges Bank acquired a new stake in shares of Newmont in the 4th quarter worth $626,074,000. Bank of New York Mellon Corp lifted its stake in shares of Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after acquiring an additional 1,306,783 shares during the period. Northern Trust Corp lifted its stake in shares of Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after acquiring an additional 191,940 shares during the period. Finally, Amundi lifted its stake in shares of Newmont by 2.8% in the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock worth $611,187,000 after acquiring an additional 343,535 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.