Newmont (NYSE:NEM) Trading Up 3.1% After Earnings Beat

Newmont Co. (NYSE:NEM) shares traded up 3.1% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $55.40 and last traded at $54.81. 5,260,103 shares traded hands during trading, a decline of 47% from the average session volume of 9,943,889 shares. The stock had previously closed at $53.15.

The basic materials company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.54. The business had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.79%. Newmont’s dividend payout ratio is presently 34.13%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NEM. The Goldman Sachs Group assumed coverage on Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 target price for the company. StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $60.00 in a report on Friday, April 11th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Newmont in a research note on Thursday. Finally, TD Securities decreased their price target on shares of Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.02.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $128,670.00. Following the completion of the sale, the executive vice president now owns 79,596 shares of the company’s stock, valued at $3,413,872.44. This trade represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $89,082.53. Following the transaction, the director now directly owns 49,993 shares in the company, valued at approximately $2,144,199.77. This represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,154 shares of company stock valued at $825,678 over the last three months. 0.05% of the stock is owned by company insiders.

Institutional Trading of Newmont

Several institutional investors and hedge funds have recently made changes to their positions in NEM. SOA Wealth Advisors LLC. increased its stake in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after buying an additional 201 shares during the period. Nexus Investment Management ULC bought a new position in Newmont in the 1st quarter worth about $31,000. Alpine Bank Wealth Management bought a new position in Newmont in the 1st quarter worth about $32,000. HHM Wealth Advisors LLC raised its stake in shares of Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 350 shares in the last quarter. Finally, Redwood Park Advisors LLC purchased a new stake in shares of Newmont in the fourth quarter valued at approximately $37,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Performance

The firm has a 50 day moving average of $47.76 and a 200-day moving average of $45.17. The company has a market cap of $62.83 billion, a P/E ratio of 19.02, a PEG ratio of 0.41 and a beta of 0.54. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

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.