Newmont (NYSE:NEM) Stock Price Up 3.5% – Here’s What Happened

Newmont Co. (NYSE:NEM) rose 3.5% during trading on Thursday . The company traded as high as $45.30 and last traded at $45.16. Approximately 898,489 shares were traded during trading, a decline of 91% from the average daily volume of 9,566,776 shares. The stock had previously closed at $43.63.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of research reports. Raymond James lowered their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. TD Securities lowered their target price on Newmont from $46.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, February 26th. Royal Bank of Canada increased their target price on Newmont from $47.00 to $52.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. CLSA initiated coverage on Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. Finally, Scotiabank lowered their target price on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.16.

Newmont Stock Performance

The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The business has a 50 day simple moving average of $43.20 and a two-hundred day simple moving average of $45.81. The firm has a market cap of $52.14 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.11 by $0.29. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.32 billion. Newmont had a return on equity of 13.52% and a net margin of 17.92%. As a group, equities research analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.16%. Newmont’s dividend payout ratio is currently 34.13%.

Insider Activity

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the transaction, the director now owns 52,070 shares in the company, valued at $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the executive vice president now owns 82,596 shares in the company, valued at $3,303,840. This trade represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,231 shares of company stock worth $1,388,758. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several institutional investors have recently added to or reduced their stakes in the business. Hara Capital LLC boosted its holdings in Newmont by 11.5% in the fourth quarter. Hara Capital LLC now owns 30,815 shares of the basic materials company’s stock worth $1,147,000 after acquiring an additional 3,176 shares in the last quarter. PKO Investment Management Joint Stock Co acquired a new stake in Newmont in the fourth quarter worth about $14,064,000. Comprehensive Money Management Services LLC acquired a new stake in Newmont in the fourth quarter worth about $710,000. Birmingham Capital Management Co. Inc. AL acquired a new stake in Newmont in the fourth quarter worth about $244,000. Finally, Siemens Fonds Invest GmbH boosted its holdings in Newmont by 172.5% in the fourth quarter. Siemens Fonds Invest GmbH now owns 33,754 shares of the basic materials company’s stock worth $1,256,000 after acquiring an additional 21,368 shares in the last quarter. Institutional investors and hedge funds 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.