Newmont (NYSE:NEM) Reaches New 1-Year High – Time to Buy?

Newmont Corporation (NYSE:NEM) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $113.35 and last traded at $113.0420, with a volume of 1080831 shares traded. The stock had previously closed at $108.99.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent analyst reports. CIBC set a $112.00 price target on shares of Newmont and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Royal Bank Of Canada boosted their target price on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. National Bankshares raised their price target on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 9th. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, BNP Paribas cut Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price for the company. in a research note on Friday, December 5th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Newmont presently has a consensus rating of “Buy” and a consensus price target of $97.08.

Newmont Stock Up 3.6%

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 company has a market capitalization of $123.22 billion, a P/E ratio of 17.52, a PEG ratio of 0.80 and a beta of 0.41. The firm’s 50 day moving average price is $94.34 and its two-hundred day moving average price is $80.89.

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

Newmont Announces Dividend

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently bought and sold shares of NEM. GoalVest Advisory LLC bought a new position in shares of Newmont during the 4th quarter worth approximately $25,000. Physician Wealth Advisors Inc. increased its stake 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 acquiring an additional 236 shares during the period. Concord Wealth Partners raised its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares in the last quarter. JPL Wealth Management LLC bought a new stake in Newmont during the third quarter worth about $27,000. Finally, Evermay Wealth Management LLC grew its stake in Newmont by 408.2% during the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after buying an additional 400 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

About Newmont

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.