Newmont (NYSE:NEM) Reaches New 52-Week High - Here's Why

Shares of Newmont Co. (NYSE:NEM - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $58.78 and last traded at $58.58, with a volume of 7763351 shares. The stock had previously closed at $57.90.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. Royal Bank of Canada upped their price target on shares of Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. National Bank Financial raised Newmont to a "hold" rating in a report on Friday, March 21st. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, UBS Group raised Newmont from a "neutral" rating to a "buy" rating and upped their price target for the company from $50.00 to $60.00 in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average price target of $57.68.

Newmont Stock Performance

The stock has a market cap of $64.66 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 0.41 and a beta of 0.31. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $53.00 and a 200 day simple moving average of $46.44.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.54. The firm had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. During the same quarter last year, the company earned $0.55 earnings per share. As a group, sell-side analysts expect that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Tuesday, May 27th. Newmont's dividend payout ratio is currently 22.42%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was 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 now directly owns 77,526 shares in the company, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the director now directly owns 45,180 shares in the company, valued at approximately $2,443,786.20. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,154 shares of company stock worth $381,539. 0.05% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SOA Wealth Advisors LLC. boosted its stake in shares of 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 buying an additional 201 shares during the last quarter. Cloud Capital Management LLC bought a new position in Newmont in the 1st quarter valued at about $26,000. Colonial Trust Advisors boosted its stake in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 429 shares during the period. Private Trust Co. NA grew its stake in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after acquiring an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC bought a new position in shares of Newmont during the first quarter worth approximately $31,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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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