First Interstate Bank Makes New $210,000 Investment in Newmont Corporation $NEM

First Interstate Bank bought a new stake in shares of Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,608 shares of the basic materials company’s stock, valued at approximately $210,000.

A number of other hedge funds have also recently made changes to their positions in NEM. Knights of Columbus Asset Advisors LLC grew its stake in shares of Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after acquiring an additional 5,848 shares during the last quarter. Generate Investment Management Ltd boosted its stake in Newmont by 25.9% in the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares in the last quarter. Bessemer Group Inc. grew its position in Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock valued at $569,000 after purchasing an additional 1,379 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in Newmont during the 1st quarter valued at about $423,000. Finally, Cypress Capital Group increased its stake in Newmont by 6.5% during the 2nd quarter. Cypress Capital Group now owns 48,549 shares of the basic materials company’s stock valued at $2,828,000 after purchasing an additional 2,959 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NEM. Royal Bank Of Canada upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $66.00 to $95.00 in a research note on Wednesday, September 10th. UBS Group boosted their price objective on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a report on Thursday. Macquarie downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Raymond James Financial set a $96.00 target price on Newmont in a report on Friday, October 10th. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Four investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $87.59.

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the transaction, the director owned 36,869 shares of the company’s stock, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company’s stock, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock worth $1,132,065 in the last three months. 0.05% of the stock is currently owned by company insiders.

Newmont Trading Down 7.6%

Shares of NEM stock opened at $90.76 on Monday. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58. The stock has a market capitalization of $99.69 billion, a P/E ratio of 16.29, a P/E/G ratio of 0.63 and a beta of 0.34. The firm’s 50 day moving average is $79.24 and its 200 day moving average is $64.19.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. Research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont’s dividend payout ratio (DPR) is presently 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.