First Interstate Bank Makes New Investment in Newmont Corporation $NEM

Key Points

• First Interstate Bank has recently invested in Newmont Corporation by acquiring 3,608 shares valued at approximately $210,000 in the second quarter.
• Insider trading activity involves CAO Brian Tabolt selling 7,015 shares and EVP Peter Toth selling 3,000 shares, indicating a decrease in their ownership stakes.
• Analysts have mixed ratings on Newmont, with Citigroup raising the price target to $104, while Weiss Ratings downgraded it from "buy" to "hold."

First Interstate Bank acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,608 shares of the basic materials company's stock, valued at approximately $210,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Concord Wealth Partners lifted its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after purchasing an additional 385 shares during the last quarter. Evermay Wealth Management LLC increased its holdings in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock worth $29,000 after buying an additional 400 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Newmont in the first quarter worth about $26,000. Colonial Trust Advisors lifted its stake in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 429 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its holdings in Newmont by 274.1% during the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock valued at $35,000 after acquiring an additional 444 shares during the period. Institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on NEM. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Citigroup raised their target price on shares of Newmont from $74.00 to $104.00 and gave the stock a "buy" rating in a report on Wednesday. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Scotiabank increased their price target on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday, July 28th. Finally, Stifel Canada raised shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Newmont has an average rating of "Moderate Buy" and an average price target of $87.59.

Newmont Stock Performance

Shares of NEM stock opened at $90.76 on Monday. The stock has a fifty day moving average of $79.24 and a 200 day moving average of $64.19. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $98.58. The firm has a market capitalization of $99.69 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 0.63 and a beta of 0.34. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (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 business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the previous year, the firm earned $0.72 EPS. The company's quarterly revenue was up 20.8% compared to the same quarter last year. As a group, research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were issued a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont's dividend payout ratio (DPR) is 17.95%.

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.

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