Newmont (NYSE:NEM) Reaches New 1-Year High - What's Next?

Newmont Co. (NYSE:NEM - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $58.30 and last traded at $58.30, with a volume of 58871 shares changing hands. The stock had previously closed at $57.62.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Cibc World Mkts raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 10th. UBS Group increased their target price on Newmont from $65.00 to $67.00 and gave the stock a "buy" rating in a research note on Tuesday, October 15th. Argus upgraded Newmont from a "hold" rating to a "buy" rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. Jefferies Financial Group increased their price objective on Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, October 4th. Finally, BMO Capital Markets raised their target price on Newmont from $56.00 to $57.00 and gave the company an "outperform" rating in a report on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $53.46.

Newmont Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The business has a fifty day simple moving average of $53.06 and a 200 day simple moving average of $46.53. The stock has a market cap of $66.41 billion, a price-to-earnings ratio of -21.57, a PEG ratio of 0.43 and a beta of 0.50.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.13 billion. During the same quarter last year, the business posted $0.33 EPS. The firm's quarterly revenue was up 64.1% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Co. will post 3.1 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were issued a $0.25 dividend. The ex-dividend date was Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.74%. Newmont's dividend payout ratio (DPR) is presently -37.45%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company's stock, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company's stock, valued at $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock worth $3,434,640 over the last quarter. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of the company. Heathbridge Capital Management Ltd. raised its holdings in Newmont by 2.0% in the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company's stock valued at $551,000 after buying an additional 200 shares during the period. Fulton Bank N.A. boosted its position in Newmont by 1.5% during the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company's stock worth $812,000 after purchasing an additional 221 shares during the period. Good Life Advisors LLC increased its holdings in Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company's stock valued at $277,000 after purchasing an additional 229 shares in the last quarter. Pekin Hardy Strauss Inc. raised its position in Newmont by 0.4% in the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company's stock valued at $2,683,000 after purchasing an additional 233 shares during the period. Finally, KCM Investment Advisors LLC lifted its stake in shares of Newmont by 2.3% during the second quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company's stock worth $453,000 after purchasing an additional 244 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.