Cim Investment Management Inc. Sells 19,617 Shares of Newmont Corporation $NEM

Cim Investment Management Inc. lowered its position in shares of Newmont Corporation (NYSE:NEM) by 50.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,125 shares of the basic materials company’s stock after selling 19,617 shares during the period. Cim Investment Management Inc.’s holdings in Newmont were worth $1,612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in Newmont during the 2nd quarter valued at approximately $919,170,000. Invesco Ltd. increased its holdings in shares of Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after acquiring an additional 4,839,447 shares in the last quarter. Legal & General Group Plc increased its stake in Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock valued at $687,223,000 after purchasing an additional 711,940 shares in the last quarter. Boston Partners raised its holdings in Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after acquiring an additional 2,288,653 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Newmont by 33.8% during the third quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock valued at $414,270,000 after purchasing an additional 1,244,845 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.7%

NEM stock opened at $110.97 on Wednesday. The firm has a 50-day simple moving average of $118.89 and a 200-day simple moving average of $99.20. Newmont Corporation has a 52 week low of $42.93 and a 52 week high of $134.88. The stock has a market capitalization of $120.72 billion, a P/E ratio of 17.37, a P/E/G ratio of 0.85 and a beta of 0.39. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.71. The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The firm’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.40 EPS. Equities analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Tuesday, March 3rd will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Newmont’s previous quarterly dividend of $0.25. Newmont’s payout ratio is 16.28%.

Analyst Ratings Changes

NEM has been the topic of several research reports. TD Securities dropped their target price on shares of Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, March 3rd. Raymond James Financial lifted their target price on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Canaccord Genuity Group upped their price target on Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Jefferies Financial Group raised their price objective on Newmont from $158.00 to $162.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Finally, Argus boosted their price target on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $134.15.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.