Newmont Corporation $NEM Shares Bought by Comerica Bank

Key Points

• Comerica Bank increased its stake in Newmont Corporation by 8.0%, acquiring an additional 11,823 shares during the first quarter, bringing its total holdings to 158,767 shares worth approximately $7.67 million.
• Newmont reported earnings of $1.43 per share for the last quarter, exceeding analyst estimates of $0.95, along with total revenue of $5.32 billion, marking a 20.8% increase year-over-year.
• The company declared a quarterly dividend of $0.25 per share, which will be distributed on September 29th, resulting in an annualized dividend yield of 1.4%.

Comerica Bank raised its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 8.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,767 shares of the basic materials company's stock after buying an additional 11,823 shares during the quarter. Comerica Bank's holdings in Newmont were worth $7,665,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of NEM. Synovus Financial Corp grew its position in shares of Newmont by 3.4% in the first quarter. Synovus Financial Corp now owns 16,141 shares of the basic materials company's stock valued at $779,000 after purchasing an additional 533 shares in the last quarter. Hartree Partners LP purchased a new position in Newmont during the first quarter worth approximately $1,062,000. Smartleaf Asset Management LLC boosted its stake in Newmont by 25.6% during the first quarter. Smartleaf Asset Management LLC now owns 4,389 shares of the basic materials company's stock worth $211,000 after buying an additional 894 shares during the last quarter. Rahlfs Capital LLC grew its holdings in Newmont by 59.5% in the 1st quarter. Rahlfs Capital LLC now owns 26,110 shares of the basic materials company's stock valued at $1,261,000 after buying an additional 9,735 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Newmont by 333.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 89,037 shares of the basic materials company's stock valued at $4,299,000 after buying an additional 68,473 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Trading Up 2.1%

NYSE NEM traded up $1.51 during trading hours on Friday, reaching $74.48. The company had a trading volume of 7,943,120 shares, compared to its average volume of 8,457,726. The stock has a 50-day moving average of $63.91 and a 200 day moving average of $54.97. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $74.52. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $81.81 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 0.88 and a beta of 0.30.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. Newmont's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Newmont's dividend payout ratio is presently 17.95%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 target price on the stock. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Raymond James Financial raised their price target on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.58.

Insider Buying and Selling at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $132,221.82. Following the sale, the director directly owned 41,026 shares in the company, valued at $2,611,715.16. This represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,246 shares of company stock valued at $1,373,251 over the last 90 days. 0.05% of the stock is owned by insiders.

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.