CIBC Asset Management Inc Grows Holdings in Newmont Co. (NYSE:NEM)

CIBC Asset Management Inc lifted its holdings in Newmont Co. (NYSE:NEM - Free Report) by 12.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 reporting period.

Other institutional investors have also recently made changes to their positions in the company. Waverton Investment Management Ltd boosted its holdings in shares of Newmont by 14.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company's stock valued at $28,379,000 after purchasing an additional 65,075 shares during the last quarter. Red Cedar Investment Management LLC bought a new stake in Newmont in the 3rd quarter worth approximately $1,263,000. Bessemer Group Inc. raised its stake in Newmont by 7.5% during the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company's stock valued at $271,000 after purchasing an additional 529 shares in the last quarter. Herr Investment Group LLC bought a new position in Newmont during the second quarter valued at $419,000. Finally, Truist Financial Corp grew its stake in shares of Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company's stock worth $6,295,000 after buying an additional 11,276 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Up 0.6 %

NYSE NEM traded up $0.25 during trading on Friday, hitting $40.93. The company's stock had a trading volume of 11,733,599 shares, compared to its average volume of 14,250,643. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a market cap of $46.60 billion, a PE ratio of -26.93, a P/E/G ratio of 0.34 and a beta of 0.51. The business's 50 day simple moving average is $51.11 and its 200-day simple moving average is $47.40.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. On average, equities analysts anticipate that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.44%. Newmont's dividend payout ratio (DPR) is -65.79%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Jefferies Financial Group upped 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. Bernstein Bank raised their price objective on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Veritas upgraded Newmont to a "strong-buy" rating in a report on Monday, September 30th. Cibc World Mkts lowered Newmont from a "strong-buy" rating to a "hold" rating in a report on Monday, October 28th. Finally, Scotiabank lowered shares of Newmont from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.14.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 6.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. The trade was a 3.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last 90 days. Insiders own 0.06% of the company's stock.

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.