Comerica Bank Acquires 11,823 Shares of Newmont Corporation $NEM

Comerica Bank increased its stake in Newmont Corporation (NYSE:NEM) by 8.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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.

Other large investors also recently made changes to their positions in the company. SOA Wealth Advisors LLC. boosted its holdings in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after buying an additional 201 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Newmont in the 1st quarter valued at approximately $26,000. Colonial Trust Advisors lifted its holdings in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Private Trust Co. NA lifted its holdings in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC acquired a new stake in Newmont during the 1st quarter valued at $31,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Up 0.0%

NEM opened at $72.44 on Thursday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $72.79. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a market capitalization of $79.57 billion, a P/E ratio of 13.00, a P/E/G ratio of 0.86 and a beta of 0.30. The stock has a fifty day moving average of $63.29 and a 200-day moving average of $54.58.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The company’s revenue was up 20.8% on a year-over-year basis. On average, equities analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Newmont’s dividend payout ratio (DPR) is presently 17.95%.

Insider Buying and Selling

In related news, CAO Brian Tabolt sold 7,015 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the completion of the transaction, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,246 shares of company stock worth $1,373,251. Company insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on NEM. Stifel Canada raised Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. UBS Group raised their price target on Newmont from $60.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 3rd. Raymond James Financial raised their price target on Newmont from $67.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, July 28th. Royal Bank Of Canada raised their price target on Newmont from $52.00 to $66.00 and gave the company a “sector perform” rating in a report on Wednesday, June 4th. Finally, Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.58.

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.