Newmont (NYSE:NEM) Announces Earnings Results, Beats Estimates By $0.10 EPS

Newmont (NYSE:NEM) announced its earnings results on Wednesday. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10, Briefing.com reports. Newmont had a positive return on equity of 8.65% and a negative net margin of 13.16%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period last year, the business posted $0.33 EPS. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis.

Newmont Stock Performance

Shares of NEM stock traded up $0.92 during midday trading on Friday, hitting $46.62. The company had a trading volume of 5,697,223 shares, compared to its average volume of 11,298,654. The company’s 50 day simple moving average is $43.33 and its 200 day simple moving average is $38.73. Newmont has a 52-week low of $29.42 and a 52-week high of $48.97. The stock has a market cap of $53.76 billion, a price-to-earnings ratio of -17.12, a PEG ratio of 0.38 and a beta of 0.47. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.15%. Newmont’s dividend payout ratio is presently -37.45%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. UBS Group raised Newmont from a “neutral” rating to a “buy” rating and increased their price target for the company from $40.00 to $50.00 in a research report on Monday, June 17th. BNP Paribas raised Newmont to a “strong-buy” rating in a research report on Friday, June 21st. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. National Bank Financial lowered Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Finally, Sanford C. Bernstein reduced their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, May 16th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average target price of $50.00.

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.