Newmont (NYSE:NEM) Hits New 52-Week High – Time to Buy?

Newmont Corporation (NYSE:NEM)’s share price reached a new 52-week high on Friday . The company traded as high as $102.35 and last traded at $101.6510, with a volume of 6821227 shares trading hands. The stock had previously closed at $99.34.

Analysts Set New Price Targets

NEM has been the subject of several research reports. BNP Paribas Exane downgraded Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 price target for the company. in a research note on Friday, December 5th. BNP Paribas downgraded Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price on the stock. in a research report on Friday, December 5th. Argus boosted their price objective on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Jefferies Financial Group restated a “buy” rating and issued a $120.00 target price on shares of Newmont in a research note on Sunday, December 7th. Finally, UBS Group upped their price target on Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $96.37.

Newmont Price Performance

The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The firm has a fifty day moving average of $88.80 and a two-hundred day moving average of $75.23. The company has a market capitalization of $110.78 billion, a PE ratio of 15.76, a PEG ratio of 0.69 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. Research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction that occurred on 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 owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 11,240 shares of company stock valued at $943,985. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of large investors have recently modified their holdings of the stock. Brighton Jones LLC grew its holdings in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 1,847 shares during the period. Cresset Asset Management LLC boosted its position in shares of Newmont by 3.2% during the first quarter. Cresset Asset Management LLC now owns 19,213 shares of the basic materials company’s stock valued at $928,000 after purchasing an additional 598 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Newmont by 75.7% during the first quarter. Wellington Management Group LLP now owns 318,247 shares of the basic materials company’s stock valued at $15,365,000 after purchasing an additional 137,137 shares in the last quarter. Venture Visionary Partners LLC purchased a new stake in Newmont in the first quarter worth $230,000. Finally, Erste Asset Management GmbH raised its holdings in Newmont by 5.0% in the first quarter. Erste Asset Management GmbH now owns 241,531 shares of the basic materials company’s stock worth $11,614,000 after purchasing an additional 11,524 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.