Newmont (NYSE:NEM) Reaches New 1-Year High at $52.71

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NEM shares. Sanford C. Bernstein lowered their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price target for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. BMO Capital Markets upped their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.92.

Newmont Trading Up 0.8 %

The stock has a market cap of $60.77 billion, a P/E ratio of -19.74, a P/E/G ratio of 0.37 and a beta of 0.47. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $46.58 and a two-hundred day moving average price of $40.90.

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

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. Newmont’s payout ratio is -37.45%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Clearbridge Investments LLC grew its holdings in Newmont by 21.0% during the 2nd quarter. Clearbridge Investments LLC now owns 40,514 shares of the basic materials company’s stock worth $1,696,000 after acquiring an additional 7,020 shares in the last quarter. Dana Investment Advisors Inc. grew its holdings in Newmont by 24.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 27,243 shares of the basic materials company’s stock worth $1,141,000 after acquiring an additional 5,377 shares in the last quarter. Cetera Investment Advisers grew its holdings in Newmont by 12.1% during the 2nd quarter. Cetera Investment Advisers now owns 230,761 shares of the basic materials company’s stock worth $9,662,000 after acquiring an additional 24,867 shares in the last quarter. Truist Financial Corp grew its holdings in Newmont by 8.1% during the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after acquiring an additional 11,276 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in Newmont by 12.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 34,414 shares of the basic materials company’s stock worth $1,441,000 after acquiring an additional 3,845 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

About Newmont

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.