Commerce Bank Takes Position in Newmont Corporation $NEM

Commerce Bank bought a new stake in Newmont Corporation (NYSE:NEM) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 36,593 shares of the basic materials company’s stock, valued at approximately $3,418,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Northwestern Mutual Wealth Management Co. purchased a new stake in Newmont during the 2nd quarter valued at about $36,180,000. Cadence Wealth Management LLC purchased a new position in shares of Newmont in the second quarter worth about $1,305,000. Quantbot Technologies LP purchased a new position in shares of Newmont in the second quarter worth about $540,000. Evolve Private Wealth LLC acquired a new stake in shares of Newmont during the second quarter worth about $1,116,000. Finally, W1M Asset Management Ltd acquired a new stake in shares of Newmont during the second quarter worth about $47,679,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

NYSE:NEM opened at $131.84 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The firm 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. The company has a 50 day moving average price of $102.12 and a 200-day moving average price of $109.03. Newmont Corporation has a 1-year low of $70.88 and a 1-year high of $134.88.

Newmont (NYSE:NEM) last announced 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. The firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the prior year, the firm posted $1.43 earnings per share. Equities research analysts forecast that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Announces Dividend

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

Wall Street Analysts Forecast Growth

NEM has been the topic of several research reports. TD Securities upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Royal Bank Of Canada decreased their price objective on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Canadian Imperial Bank of Commerce set a $170.00 price objective on shares of Newmont in a report on Friday, August 14th. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, Macquarie Infrastructure reduced their target price on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $132.73.

Insider Activity

In other news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 32,091 shares of company stock worth $3,292,513 in the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont Company Profile

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.