Newmont (NYSE:NEM) Shares Gap Up - What's Next?

Newmont Co. (NYSE:NEM - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $50.94, but opened at $53.84. Newmont shares last traded at $54.79, with a volume of 5,291,528 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NEM shares. StockNews.com upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Monday, February 24th. The Goldman Sachs Group assumed coverage on Newmont in a report on Monday, January 13th. They issued a "buy" rating and a $47.20 price objective for the company. Scotiabank dropped their price target on shares of Newmont from $52.00 to $50.00 and set a "sector perform" rating on the stock in a report on Tuesday, January 21st. UBS Group upgraded shares of Newmont from a "neutral" rating to a "buy" rating and increased their price objective for the company from $50.00 to $60.00 in a research report on Friday. Finally, Raymond James upped their price objective on Newmont from $54.00 to $63.00 and gave the company an "outperform" rating in a research report on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average target price of $54.55.

Newmont Stock Down 0.6 %

The company's 50 day moving average is $46.36 and its two-hundred day moving average is $44.98. The company has a market capitalization of $61.40 billion, a PE ratio of 18.59, a PEG ratio of 0.41 and a beta of 0.54. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.29. The business had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.32 billion. Newmont had a return on equity of 13.52% and a net margin of 17.92%. On average, analysts anticipate that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Tuesday, March 4th were given a $0.25 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 1.84%. Newmont's dividend payout ratio is currently 34.13%.

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $89,082.53. Following the completion of the sale, the director now directly owns 49,993 shares of the company's stock, valued at approximately $2,144,199.77. This trade represents a 3.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the sale, the executive vice president now owns 86,526 shares of the company's stock, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,154 shares of company stock worth $825,678 over the last ninety days. Company insiders own 0.05% of the company's stock.

Hedge Funds Weigh In On Newmont

Several institutional investors have recently made changes to their positions in the company. CX Institutional grew its position in shares of Newmont by 28.7% in the 1st quarter. CX Institutional now owns 6,657 shares of the basic materials company's stock worth $321,000 after buying an additional 1,483 shares during the last quarter. Integrated Advisors Network LLC acquired a new position in Newmont during the 1st quarter valued at about $339,000. Handelsbanken Fonder AB boosted its holdings in Newmont by 3.3% in the first quarter. Handelsbanken Fonder AB now owns 492,206 shares of the basic materials company's stock worth $23,764,000 after acquiring an additional 15,792 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new position in shares of Newmont during the first quarter valued at about $213,000. Finally, Central Valley Advisors LLC purchased a new stake in Newmont during the 1st quarter worth approximately $1,726,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

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.