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

Key Points

• Newmont Corporation reached a new 52-week high of $67.34 during trading, closing at $66.63 with a volume of about 2.75 million shares.
• The company announced a quarterly dividend of $0.25 per share, representing a 1.5% annual yield, with the ex-dividend date set for September 4th.
• In its most recent earnings report, Newmont reported $1.43 EPS and $5.32 billion in revenue, both exceeding analyst expectations.

Newmont Corporation (NYSE:NEM - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $67.34 and last traded at $66.63, with a volume of 2754940 shares. The stock had previously closed at $65.42.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. CIBC set a $74.00 price objective on Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. UBS Group raised 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. Scotiabank raised their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. Stifel Nicolaus started coverage on Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. Finally, National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and an average target price of $64.58.

Newmont Stock Up 2.5%

The company has a market cap of $73.69 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 0.76 and a beta of 0.30. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The firm's 50 day moving average price is $58.33 and its 200-day moving average price is $51.58.

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

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the transaction, the director directly owned 43,103 shares in the company, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $176,250.00. Following the transaction, the executive vice president owned 74,526 shares of the company's stock, valued at approximately $4,378,402.50. The trade was a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,154 shares of company stock valued at $572,889 over the last 90 days. Corporate insiders own 0.05% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. K.J. Harrison & Partners Inc boosted its position in Newmont by 139.1% during the second quarter. K.J. Harrison & Partners Inc now owns 141,287 shares of the basic materials company's stock valued at $8,231,000 after purchasing an additional 82,192 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co lifted its position in shares of Newmont by 1.5% in the second quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 192,886 shares of the basic materials company's stock valued at $11,238,000 after buying an additional 2,938 shares during the last quarter. Sigma Planning Corp lifted its position in shares of Newmont by 278.7% in the second quarter. Sigma Planning Corp now owns 16,586 shares of the basic materials company's stock valued at $966,000 after buying an additional 12,206 shares during the last quarter. MMA Asset Management LLC acquired a new stake in shares of Newmont in the second quarter valued at approximately $338,000. Finally, State of Michigan Retirement System lifted its position in shares of Newmont by 3.9% in the second quarter. State of Michigan Retirement System now owns 320,845 shares of the basic materials company's stock valued at $18,692,000 after buying an additional 12,000 shares during the last quarter. 68.85% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.