Cim Investment Management Inc. Invests $1.03 Million in Newmont Co. (NYSE:NEM)

Cim Investment Management Inc. acquired a new stake in Newmont Co. (NYSE:NEM - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 19,333 shares of the basic materials company's stock, valued at approximately $1,033,000.

Other large investors have also made changes to their positions in the company. Van ECK Associates Corp raised its position in Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock valued at $2,131,939,000 after acquiring an additional 1,289,084 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Newmont by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company's stock valued at $1,253,457,000 after purchasing an additional 326,243 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company's stock valued at $337,909,000 after purchasing an additional 109,084 shares during the period. FMR LLC grew its position in Newmont by 21.1% during the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company's stock valued at $376,953,000 after buying an additional 1,226,697 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Newmont by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company's stock valued at $289,445,000 after buying an additional 545,903 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NEM. JPMorgan Chase & Co. raised shares of Newmont from a "neutral" rating to an "overweight" rating in a research note on Tuesday, November 19th. CLSA began coverage on Newmont in a report on Friday, November 29th. They issued an "underperform" rating on the stock. Scotiabank downgraded Newmont from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Royal Bank of Canada dropped their price target on shares of Newmont from $54.00 to $53.00 and set a "sector perform" rating on the stock in a research note on Thursday, October 24th. Finally, Raymond James reduced their price objective on shares of Newmont from $62.00 to $59.00 and set an "outperform" rating for the company in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and an average target price of $54.31.

Newmont Price Performance

Shares of Newmont stock traded down $0.72 on Thursday, hitting $41.56. 7,364,024 shares of the company were exchanged, compared to its average volume of 10,458,123. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $46.99 and a 200 day moving average price of $47.37. The stock has a market capitalization of $47.31 billion, a price-to-earnings ratio of -27.50, a price-to-earnings-growth ratio of 0.35 and a beta of 0.49. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the firm posted $0.36 EPS. The business's quarterly revenue was up 84.7% on a year-over-year basis. As a group, sell-side analysts predict that Newmont Co. will post 3.08 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.41%. Newmont's payout ratio is -65.79%.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares of the company's stock, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company's stock, valued at approximately $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

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.