Newmont (NYSE:NEM) Sets New 52-Week High - Should You Buy?

Newmont Corporation (NYSE:NEM - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $61.53 and last traded at $61.34, with a volume of 3089261 shares traded. The stock had previously closed at $59.86.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NEM. UBS Group increased their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Argus set a $63.00 price target on shares of Newmont in a report on Friday, April 25th. Cfra Research upgraded Newmont to a "strong-buy" rating in a research report on Friday, April 25th. National Bankshares reiterated a "sector perform" rating on shares of Newmont in a research report on Tuesday, June 24th. Finally, Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $62.49.

Newmont Price Performance

The business has a 50-day moving average price of $55.83 and a 200 day moving average price of $49.80. The stock has a market cap of $68.78 billion, a PE ratio of 13.86, a PEG ratio of 0.65 and a beta of 0.33. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25.

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

Newmont Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Tuesday, May 27th. Newmont's payout ratio is 22.42%.

Insider Buying and Selling at Newmont

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Geode Capital Management LLC boosted its holdings in Newmont by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock worth $919,484,000 after buying an additional 1,213,397 shares in the last quarter. Norges Bank acquired a new position in Newmont during the fourth quarter worth $626,074,000. Bank of New York Mellon Corp increased its position in Newmont by 8.9% during the first 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 purchasing an additional 1,306,783 shares during the last quarter. Northern Trust Corp raised its stake in Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after purchasing an additional 191,940 shares during the period. Finally, Amundi grew 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 valued at $611,187,000 after buying an additional 343,535 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

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.

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