First City Capital Management Inc. Invests $220,000 in Newmont Co. (NYSE:NEM)

First City Capital Management Inc. bought a new position in shares of Newmont Co. (NYSE:NEM) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,550 shares of the basic materials company’s stock, valued at approximately $220,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Newmont during the fourth quarter worth about $626,074,000. Voloridge Investment Management LLC acquired a new position in Newmont during the fourth quarter worth about $92,693,000. Capital Research Global Investors boosted its position in Newmont by 70.7% during the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company’s stock worth $210,105,000 after acquiring an additional 2,338,953 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Newmont during the fourth quarter worth about $76,281,000. Finally, Invesco Ltd. boosted its position in Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company’s stock worth $391,568,000 after acquiring an additional 2,028,150 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president now directly owns 77,526 shares of the company’s stock, valued at $4,193,381.34. This represents a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $112,344.93. Following the sale, the director now directly owns 45,180 shares in the company, valued at approximately $2,443,786.20. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,154 shares of company stock valued at $381,539. Company insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Argus set a $63.00 price target on shares of Newmont in a research report on Friday, April 25th. TD Securities lowered their price target on shares of Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, February 26th. Royal Bank of Canada boosted their target price on shares of Newmont from $52.00 to $66.00 and gave the company a “sector perform” rating in a report on Wednesday. Scotiabank reiterated a “sector perform” rating on shares of Newmont in a report on Monday, April 14th. Finally, Cfra Research upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.68.

Newmont Price Performance

Newmont stock opened at $52.36 on Friday. The company’s 50 day simple moving average is $52.16 and its 200-day simple moving average is $45.97. The company has a market capitalization of $58.28 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31. Newmont Co. has a 1 year low of $36.86 and a 1 year high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. During the same period in the previous year, the firm earned $0.55 EPS. As a group, equities research analysts expect that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Tuesday, May 27th. Newmont’s dividend payout ratio (DPR) is 22.42%.

Newmont 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.