Newmont (NYSE:NEM) Hits New 12-Month High at $52.71

Newmont Co. (NYSE:NEM) reached a new 52-week high on Monday . The stock traded as high as $52.71 and last traded at $52.29, with a volume of 392089 shares traded. The stock had previously closed at $52.04.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NEM. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $48.00 to $59.00 in a report on Monday, August 19th. Sanford C. Bernstein reduced their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, National Bank Financial downgraded shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $50.92.

Newmont Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The stock has a market capitalization of $60.18 billion, a price-to-earnings ratio of -19.54, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a 50-day simple moving average of $46.36 and a two-hundred day simple moving average of $40.77.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.33 EPS. On average, equities research analysts predict that Newmont Co. will post 2.76 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.92%. Newmont’s dividend payout ratio is presently -37.45%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently bought and sold shares of the stock. LRI Investments LLC acquired a new stake in shares of Newmont in the 1st quarter worth approximately $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont during the second quarter worth approximately $25,000. Manchester Capital Management LLC lifted its position in Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 397 shares during the period. Meeder Asset Management Inc. acquired a new stake in Newmont in the second quarter worth approximately $27,000. Finally, Heritage Wealth Advisors boosted its stake in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.