Newmont (NYSE:NEM) Shares Up 1.1% – Time to Buy?

Newmont Corporation (NYSE:NEM)’s stock price shot up 1.1% during mid-day trading on Thursday . The stock traded as high as $84.34 and last traded at $82.55. 9,654,707 shares changed hands during trading, a decline of 18% from the average session volume of 11,829,180 shares. The stock had previously closed at $81.63.

Analysts Set New Price Targets

Several research firms have issued reports on NEM. Zacks Research raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. CIBC set a $112.00 price target on Newmont and gave the company an “outperformer” rating in a report on Friday, October 10th. Weiss Ratings raised Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. Macquarie lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Wall Street Zen lowered Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $86.92.

Newmont Stock Up 1.1%

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The company has a market capitalization of $90.08 billion, a PE ratio of 12.82, a P/E/G ratio of 0.53 and a beta of 0.33. The business has a 50-day moving average of $82.77 and a 200 day moving average of $67.16.

Newmont (NYSE:NEM) last posted its 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 company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 earnings per share. Equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

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

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the transaction, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This trade represents a 5.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 11,237 shares of company stock worth $906,799. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NEM. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares during the period. Colonial Trust Advisors boosted its position in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 429 shares in the last quarter. Concord Wealth Partners boosted its position in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 385 shares in the last quarter. Evermay Wealth Management LLC boosted its position in Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 400 shares in the last quarter. Finally, Private Trust Co. NA boosted its position in Newmont by 122.6% during the 1st 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. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.