Newmont (NYSE:NEM) Sets New 1-Year High – Still a Buy?

Newmont Corporation (NYSE:NEM)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $118.49 and last traded at $117.9510, with a volume of 1256520 shares changing hands. The stock had previously closed at $114.12.

Wall Street Analyst Weigh In

NEM has been the subject of several recent research reports. UBS Group raised their price objective on shares of Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a research note on Monday, December 1st. Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. National Bankshares boosted their price target on shares of Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Jefferies Financial Group reaffirmed a “buy” rating and set a $120.00 price objective on shares of Newmont in a research report on Sunday, December 7th. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. Five 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. According to MarketBeat.com, Newmont currently has an average rating of “Buy” and a consensus target price of $99.35.

Newmont Trading Up 3.8%

The company has a market cap of $129.28 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 0.80 and a beta of 0.41. 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 business’s fifty day simple moving average is $98.10 and its two-hundred day simple moving average is $83.22.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating 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 business posted $0.81 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, 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 given a dividend of $0.25 per share. The ex-dividend date was Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Newmont’s payout ratio is 15.53%.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’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 value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares of the company’s stock, valued at $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. Insiders sold a total of 9,160 shares of company stock valued at $767,206 over the last three months. Company insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently bought and sold shares of the business. Norden Group LLC increased its stake in Newmont by 0.7% in the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after purchasing an additional 90 shares during the period. Colonial Trust Advisors increased its holdings in shares of Newmont by 20.8% in the third quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 118 shares during the period. Worth Financial Advisory Group LLC lifted its holdings in shares of Newmont by 2.5% during the fourth quarter. Worth Financial Advisory Group LLC now owns 5,432 shares of the basic materials company’s stock worth $542,000 after purchasing an additional 130 shares during the period. Howard Financial Services LTD. increased its stake in shares of Newmont by 5.6% during the fourth quarter. Howard Financial Services LTD. now owns 2,528 shares of the basic materials company’s stock worth $252,000 after acquiring an additional 135 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Newmont by 53.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after buying an additional 139 shares during the period. Hedge funds and other 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.