Newmont (NYSE:NEM) Shares Up 5.9% – Still a Buy?

Newmont Corporation (NYSE:NEM) rose 5.9% during mid-day trading on Monday . The company traded as high as $88.86 and last traded at $88.33. Approximately 10,135,106 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 11,801,510 shares. The stock had previously closed at $83.39.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. CIBC set a $112.00 target price on Newmont and gave the company an “outperformer” rating in a research note on Friday, October 10th. Citigroup upped their price objective on Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. National Bank Financial raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, July 25th. Finally, TD Securities boosted their price objective on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $86.92.

Newmont Trading Up 5.9%

The business’s 50 day moving average price is $83.14 and its two-hundred day moving average price is $67.65. 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 market capitalization of $96.39 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the company earned $0.81 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities analysts forecast 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. Shareholders of record on Wednesday, November 26th will be given a $0.25 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont’s payout ratio is 15.53%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% 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, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the transaction, the director owned 34,789 shares in the company, valued at approximately $2,816,517.44. This trade represents a 5.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 11,237 shares of company stock valued at $906,799. Insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. grew its position in Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 139 shares in the last quarter. HHM Wealth Advisors LLC boosted its stake in shares of Newmont by 26.4% during the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock valued at $56,000 after buying an additional 140 shares during the period. Fielder Capital Group LLC grew its holdings in shares of Newmont by 1.7% during the 3rd quarter. Fielder Capital Group LLC now owns 8,390 shares of the basic materials company’s stock valued at $707,000 after acquiring an additional 141 shares in the last quarter. Summit Financial Wealth Advisors LLC increased its stake in shares of Newmont by 2.3% in the third quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock worth $566,000 after acquiring an additional 145 shares during the last quarter. Finally, Welch Group LLC boosted its position in Newmont by 1.3% during the third quarter. Welch Group LLC now owns 12,187 shares of the basic materials company’s stock valued at $1,027,000 after purchasing an additional 153 shares during the last quarter. Hedge funds and other institutional investors 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.