CIBC Asset Management Inc Acquires 15,051 Shares of Newmont Corporation $NEM

CIBC Asset Management Inc boosted its holdings in shares of Newmont Corporation (NYSE:NEM) by 6.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 256,700 shares of the basic materials company’s stock after buying an additional 15,051 shares during the quarter. CIBC Asset Management Inc’s holdings in Newmont were worth $21,635,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. increased its holdings in shares of Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 139 shares during the last quarter. HHM Wealth Advisors LLC boosted its position in Newmont by 26.4% during the third quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock worth $56,000 after purchasing an additional 140 shares during the period. Summit Financial Wealth Advisors LLC boosted its position in Newmont by 2.3% during the third quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock worth $566,000 after purchasing an additional 145 shares during the period. Welch Group LLC grew its holdings in Newmont by 1.3% during the third quarter. Welch Group LLC now owns 12,187 shares of the basic materials company’s stock valued at $1,027,000 after purchasing an additional 153 shares during the last quarter. Finally, Resonant Capital Advisors LLC raised its position in shares of Newmont by 3.8% in the third quarter. Resonant Capital Advisors LLC now owns 4,401 shares of the basic materials company’s stock valued at $371,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Raymond James Financial upped their price objective on shares of Newmont from $111.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. Jefferies Financial Group upped their price target on shares of Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Canaccord Genuity Group raised their price target on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Finally, Argus increased their target price on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Newmont presently has an average rating of “Buy” and a consensus price target of $103.77.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,160 shares of company stock worth $767,206 in the last three months. 0.05% of the stock is owned by insiders.

Newmont Stock Up 2.2%

Shares of NEM opened at $124.34 on Monday. The company has a 50-day simple moving average of $100.57 and a 200-day simple moving average of $84.96. The firm has a market capitalization of $135.69 billion, a P/E ratio of 19.31, a P/E/G ratio of 0.95 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a 52 week low of $40.85 and a 52 week high of $124.64.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the business earned $0.81 earnings per share. On average, equities research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont 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.