Newmont (NYSE:NEM) Trading Up 1.2% - Time to Buy?

Newmont Co. (NYSE:NEM - Get Free Report) shot up 1.2% during trading on Friday . The stock traded as high as $53.73 and last traded at $53.49. 2,130,441 shares were traded during mid-day trading, a decline of 78% from the average session volume of 9,877,805 shares. The stock had previously closed at $52.83.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent research reports. National Bankshares restated a "sector perform" rating on shares of Newmont in a research note on Wednesday, April 23rd. Raymond James reissued an "outperform" rating and issued a $66.00 price objective on shares of Newmont in a report on Friday, April 25th. UBS Group raised Newmont from a "neutral" rating to a "buy" rating and increased their target price for the stock from $50.00 to $60.00 in a report on Friday, April 11th. Cfra Research raised Newmont to a "strong-buy" rating in a research report on Friday, April 25th. Finally, TD Securities decreased their price objective on shares of Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.63.

Newmont Trading Up 1.8 %

The business's 50 day simple moving average is $49.47 and its 200 day simple moving average is $45.03. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market cap of $59.87 billion, a P/E ratio of 18.36, a PEG ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating 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 in the previous year, the company earned $0.55 earnings per share. On average, analysts expect that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.86%. Newmont's dividend payout ratio is currently 22.42%.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total value of $106,923.96. Following the transaction, the director now owns 47,257 shares in the company, valued at approximately $2,432,790.36. This trade represents a 4.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the sale, the executive vice president now owns 86,526 shares of the company's stock, valued at approximately $3,782,051.46. This represents a 3.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,154 shares of company stock valued at $328,840 over the last ninety days. 0.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Newmont in the fourth quarter worth $626,074,000. Pacer Advisors Inc. boosted its holdings in shares of Newmont by 4,203.5% in the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock worth $259,580,000 after buying an additional 5,251,616 shares during the last quarter. Voloridge Investment Management LLC bought a new position in Newmont during the fourth quarter valued at $92,693,000. Capital Research Global Investors increased its position in shares of Newmont by 70.7% during the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock valued at $210,105,000 after buying an additional 2,338,953 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Newmont in the 4th quarter worth approximately $76,281,000. 68.85% of the stock is currently 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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