Newmont (NYSE:NEM) Trading Up 2% Following Analyst Upgrade

Shares of Newmont Corporation (NYSE:NEM) were up 2% during trading on Friday after Sanford C. Bernstein upgraded the stock from a market perform rating to an outperform rating. Sanford C. Bernstein now has a $157.00 price target on the stock, up from their previous price target of $121.00. Newmont traded as high as $131.21 and last traded at $130.0270. Approximately 14,703,265 shares traded hands during trading, an increase of 47% from the average daily volume of 9,970,435 shares. The stock had previously closed at $127.47.

Several other brokerages have also recently issued reports on NEM. Macquarie Infrastructure boosted their price objective on shares of Newmont from $115.00 to $126.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Citigroup reissued a “buy” rating on shares of Newmont in a research report on Monday, January 12th. Scotiabank upped their price target on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. UBS Group restated a “buy” rating and issued a $160.00 price objective on shares of Newmont in a report on Friday, January 30th. Finally, BMO Capital Markets decreased their target price on Newmont from $145.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $134.15.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after buying an additional 1,847 shares during the last quarter. Woodline Partners LP boosted its holdings in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after purchasing an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Newmont during the 2nd quarter valued at approximately $240,000. Envestnet Asset Management Inc. increased its holdings in Newmont by 176.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after purchasing an additional 285,897 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in Newmont by 9.7% during the 2nd quarter. Bessemer Group Inc. now owns 12,934 shares of the basic materials company’s stock worth $753,000 after purchasing an additional 1,143 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

The company has a market capitalization of $141.45 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 1.07 and a beta of 0.40. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. The stock has a 50-day simple moving average of $115.20 and a 200-day simple moving average of $94.55.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The business’s revenue was up 20.6% compared to the same quarter last year. On average, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd will be paid a $0.26 dividend. This is a boost from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. Newmont’s dividend payout ratio (DPR) is currently 16.28%.

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.