Newmont (NYSE:NEM) Shares Up 1.1% – Time to Buy?

Newmont Corporation (NYSE:NEM)’s share price shot up 1.1% on Thursday . The company traded as high as $84.34 and last traded at $82.55. 9,654,707 shares were traded during mid-day trading, a decline of 18% from the average session volume of 11,829,180 shares. The stock had previously closed at $81.63.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NEM. Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective for the company. BNP Paribas Exane lifted their price target on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Finally, National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $86.92.

Newmont Trading Up 1.1%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The company has a 50 day moving average of $82.77 and a two-hundred day moving average of $67.16. The stock has a market cap of $90.08 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Newmont’s revenue for the quarter was up 20.0% compared to the same quarter last year. Sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is currently 15.53%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director owned 34,789 shares in the company, valued at approximately $2,816,517.44. The trade was a 5.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 11,237 shares of company stock valued at $906,799. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Newmont in the 2nd quarter worth about $919,170,000. Invesco Ltd. boosted its holdings in Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares during the last quarter. Northern Trust Corp boosted its holdings in Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock worth $624,458,000 after buying an additional 191,940 shares during the last quarter. Amundi boosted its holdings in shares of Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after purchasing an additional 343,535 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Newmont by 15.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock worth $423,572,000 after purchasing an additional 1,201,237 shares during the last quarter. 68.85% of the stock is currently 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.