Commerce Bank Acquires New Shares in Newmont Corporation $NEM

Commerce Bank acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 36,593 shares of the basic materials company's stock, valued at approximately $3,418,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Pinnacle Bancorp Inc. bought a new stake in shares of Newmont in the 1st quarter valued at about $25,000. Cedar Mountain Advisors LLC bought a new position in shares of Newmont during the first quarter valued at approximately $25,000. Clearstead Trust LLC purchased a new position in Newmont during the second quarter valued at approximately $25,000. Kilter Group LLC purchased a new position in Newmont during the second quarter valued at approximately $26,000. Finally, Swiss RE Ltd. bought a new position in Newmont in the fourth quarter worth approximately $26,000. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NEM has been the topic of several recent research reports. Bank of America dropped their target price on Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Weiss Ratings lowered Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. TD Securities upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. TD raised their price objective on Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Finally, Canaccord Genuity Group cut their target price on Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $132.73.

Insider Activity at Newmont

In other news, CFO Brian Tabolt sold 11,445 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the transaction, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,091 shares of company stock valued at $3,292,513 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NEM opened at $131.84 on Tuesday. The company has a 50 day moving average of $102.12 and a two-hundred day moving average of $109.03. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $70.88 and a twelve month high of $134.88. The company has a market cap of $138.92 billion, a price-to-earnings ratio of 16.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the firm posted $1.43 earnings per share. As a group, analysts predict that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont's dividend payout ratio is currently 13.13%.

About Newmont

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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