Newmont (NYSE:NEM) Trading Up 1.1% - Here's Why

Newmont Co. (NYSE:NEM - Get Free Report)'s share price traded up 1.1% during trading on Tuesday . The company traded as high as $56.16 and last traded at $55.80. 4,763,317 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 9,892,128 shares. The stock had previously closed at $55.21.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a research note on Thursday. Scotiabank reissued a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. Raymond James boosted their price objective on shares of Newmont from $54.00 to $63.00 and gave the company an "outperform" rating in a research report on Friday, April 4th. The Goldman Sachs Group began coverage on shares of Newmont in a report on Monday, January 13th. They set a "buy" rating and a $47.20 target price for the company. Finally, National Bankshares restated a "sector perform" rating on shares of Newmont in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.02.

Newmont Price Performance

The firm has a 50-day simple moving average of $47.76 and a 200 day simple moving average of $45.17. The firm has a market cap of $60.69 billion, a PE ratio of 18.44, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.54. The company had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. As a group, equities analysts expect that Newmont Co. will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Tuesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 34.13%.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $43.71, for a total transaction of $90,785.67. Following the completion of the sale, the director now directly owns 47,916 shares in the company, valued at approximately $2,094,408.36. This trade represents a 4.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Natascha Viljoen sold 9,000 shares of the company'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 $386,010.00. Following the completion of the transaction, the chief operating officer now owns 136,967 shares in the company, valued at approximately $5,874,514.63. This represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,154 shares of company stock worth $825,678. 0.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Hedge funds have recently added to or reduced their stakes in the company. McIlrath & Eck LLC increased its holdings in Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company's stock worth $43,000 after buying an additional 361 shares in the last quarter. Virtu Financial LLC grew its stake in shares of Newmont by 183.2% in the third quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company's stock worth $1,237,000 after acquiring an additional 14,967 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Newmont during the third quarter valued at approximately $422,000. Cim Investment Management Inc. bought a new position in Newmont during the third quarter valued at approximately $1,033,000. Finally, Tidal Investments LLC boosted its holdings in Newmont by 5.4% in the third quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company's stock worth $8,749,000 after purchasing an additional 8,412 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other 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.