Newmont (NYSE:NEM) Hits New 52-Week High at $46.46

Newmont Co. (NYSE:NEM)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.46 and last traded at $45.61, with a volume of 1582801 shares changing hands. The stock had previously closed at $45.46.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Sanford C. Bernstein dropped their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the company from $46.00 to $61.00 in a research note on Wednesday. Finally, BMO Capital Markets dropped their price target on Newmont from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 21st. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.07.

Newmont Trading Up 1.6 %

The stock has a 50-day moving average price of $42.17 and a two-hundred day moving average price of $38.24. The stock has a market capitalization of $53.26 billion, a PE ratio of -17.03, a PEG ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. As a group, equities analysts forecast that Newmont Co. will post 2.48 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.16%. Newmont’s payout ratio is -37.45%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently made changes to their positions in NEM. State of Alaska Department of Revenue increased its stake in Newmont by 27.5% in the 4th quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after acquiring an additional 36,645 shares during the last quarter. American International Group Inc. increased its position in Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after purchasing an additional 58,217 shares during the last quarter. Principal Financial Group Inc. raised its stake in Newmont by 34.1% during the fourth quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock valued at $53,009,000 after purchasing an additional 325,320 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Newmont by 13.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock valued at $32,926,000 after purchasing an additional 94,692 shares during the last quarter. Finally, Premier Fund Managers Ltd bought a new stake in shares of Newmont in the 4th quarter worth about $1,276,000. 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.