CIBC Asset Management Inc Increases Stock Position in Newmont Co. (NYSE:NEM)

CIBC Asset Management Inc grew its position in Newmont Co. (NYSE:NEM) by 12.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 240,386 shares of the basic materials company’s stock after acquiring an additional 26,914 shares during the period. CIBC Asset Management Inc’s holdings in Newmont were worth $12,849,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. LRI Investments LLC acquired a new stake in Newmont in the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Newmont during the 2nd quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in Newmont in the 2nd quarter valued at $27,000. Hoese & Co LLP purchased a new stake in Newmont in the 3rd quarter worth $27,000. Finally, Highline Wealth Partners LLC acquired a new position in Newmont during the third quarter worth $32,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Jefferies Financial Group lifted their target price on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Royal Bank of Canada reduced their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Raymond James lifted their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.14.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is currently owned by company insiders.

Newmont Stock Up 0.6 %

Newmont stock opened at $40.93 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The firm has a 50 day moving average price of $51.11 and a 200 day moving average price of $47.40. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a market capitalization of $46.60 billion, a PE ratio of -26.93, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Research analysts expect that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

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.