First Citizens Bank & Trust Co. Acquires 13,973 Shares of Newmont Corporation $NEM

Key Points

• First Citizens Bank & Trust Co. acquired 13,973 Newmont shares worth approximately $1.6 million in the third quarter. Institutional investors collectively own 68.85% of Newmont.
• Newmont reported quarterly EPS of $2.10, beating analyst estimates of $2.05, while revenue reached $6.12 billion. The company also maintains a quarterly dividend of $0.26 per share, for an annualized yield of about 0.9%.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $134.26, above its reported share price of $115.67.

First Citizens Bank & Trust Co. acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,973 shares of the basic materials company's stock, valued at approximately $1,612,000.

Other large investors have also recently bought and sold shares of the company. KMG Fiduciary Partners LLC bought a new stake in shares of Newmont in the third quarter valued at about $276,000. Krilogy Financial LLC grew its position in Newmont by 19.4% during the third quarter. Krilogy Financial LLC now owns 20,354 shares of the basic materials company's stock worth $2,384,000 after buying an additional 3,309 shares in the last quarter. Forvis Mazars Wealth Advisors LLC bought a new position in Newmont during the third quarter valued at about $242,000. Davis Rea LTD. bought a new position in Newmont during the third quarter valued at about $348,000. Finally, Accel Wealth Management acquired a new position in Newmont in the 3rd quarter valued at approximately $1,701,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 3.7%

NYSE NEM opened at $115.67 on Friday. The stock's 50 day simple moving average is $121.96 and its 200 day simple moving average is $110.78. Newmont Corporation has a one year low of $76.05 and a one year high of $135.29. The firm has a market cap of $121.88 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $6.35 billion. During the same period in the previous year, the business posted $1.43 earnings per share. As a group, sell-side analysts forecast that Newmont Corporation will post 9.05 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.26 per share. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont's payout ratio is presently 13.13%.

Insider Transactions at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the company's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $445,692.42. Following the transaction, the chief executive officer owned 127,471 shares of the company's stock, valued at $14,634,945.51. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the completion of the transaction, the executive vice president owned 34,315 shares in the company, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,973 shares of company stock worth $3,927,169 over the last 90 days. 0.06% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on NEM. Canadian Imperial Bank of Commerce set a $170.00 price objective on Newmont in a research report on Friday, August 14th. Zacks Research lowered Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. Weiss Ratings raised Newmont from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, October 2nd. The Goldman Sachs Group reduced their target price on Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Finally, Scotiabank lifted their price target on shares of Newmont from $147.00 to $149.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and a consensus target price of $134.26.

About Newmont

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company's activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.

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