Newmont (NYSE:NEM) Trading Up 3.8% After Analyst Upgrade

Newmont Corporation (NYSE:NEM)’s share price traded up 3.8% during mid-day trading on Monday after Argus raised their price target on the stock from $75.00 to $94.00. The company traded as high as $87.30 and last traded at $86.67. 16,710,082 shares changed hands during trading, an increase of 42% from the average session volume of 11,728,726 shares. The stock had previously closed at $83.49.

A number of other brokerages have also recently weighed in on NEM. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the stock a “buy” rating in a research note on Sunday, October 12th. CIBC set a $112.00 target price on shares of Newmont and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a report on Wednesday. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, UBS Group boosted their price objective on Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Four analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.20.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total transaction of $168,396.80. Following the transaction, the director owned 34,789 shares in the company, valued at approximately $2,816,517.44. The trade was a 5.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,237 shares of company stock worth $906,799 over the last 90 days. Company insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Newmont in the second quarter valued at $919,170,000. Nuveen LLC bought a new stake in Newmont in the 1st quarter valued at $306,507,000. Invesco Ltd. raised its stake in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares in the last quarter. Boston Partners lifted its holdings in shares of Newmont by 4,090.7% during the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after acquiring an additional 4,532,263 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Newmont by 1,502.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock valued at $273,391,000 after acquiring an additional 4,399,778 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The firm has a market capitalization of $94.58 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The firm’s 50-day moving average price is $85.33 and its two-hundred day moving average price is $70.06.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. Sell-side analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont’s payout ratio is currently 15.53%.

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.