Newmont (NYSE:NEM) Stock Price Up 5.5% – Here’s Why

Newmont Corporation (NYSE:NEM) was up 5.5% during mid-day trading on Tuesday . The company traded as high as $109.30 and last traded at $109.1990. Approximately 10,990,848 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 8,925,998 shares. The stock had previously closed at $103.53.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. Raymond James Financial reissued an “outperform” rating and set a $111.00 price objective on shares of Newmont in a report on Monday, December 29th. BNP Paribas Exane lowered 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. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price target for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Finally, Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $97.08.

Newmont Stock Up 5.5%

The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a 50 day simple moving average of $92.12 and a two-hundred day simple moving average of $79.48. The company has a market capitalization of $119.16 billion, a P/E ratio of 16.96, a PEG ratio of 0.61 and a beta of 0.41.

Newmont (NYSE:NEM) last announced 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. 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 analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. Newmont’s dividend payout ratio is currently 15.53%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director directly owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,160 shares of company stock valued at $767,206 in the last 90 days. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Newmont during the second quarter worth $919,170,000. Invesco Ltd. increased its stake in Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares during the period. Legal & General Group Plc lifted its holdings in Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock valued at $687,223,000 after buying an additional 711,940 shares in the last quarter. Boston Partners boosted its position in Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after buying an additional 2,288,653 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Newmont by 33.8% in the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock worth $414,270,000 after acquiring an additional 1,244,845 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

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.