CIBC Asset Management Inc increased its stake in Newmont Corporation (NYSE:NEM – Free Report) by 39.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 357,199 shares of the basic materials company’s stock after acquiring an additional 100,499 shares during the period. CIBC Asset Management Inc’s holdings in Newmont were worth $35,666,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Norges Bank purchased a new position in Newmont in the fourth quarter worth $1,443,128,000. Assetmark Inc. grew its position in Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after acquiring an additional 2,294,396 shares in the last quarter. Boston Partners grew its position in Newmont by 49.3% in the third 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 in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Newmont by 106.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock worth $349,288,000 after acquiring an additional 2,146,905 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Newmont by 142.0% in the second quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock worth $189,963,000 after acquiring an additional 1,914,286 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.
Newmont Stock Performance
Shares of NYSE:NEM opened at $107.62 on Thursday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $111.55 and a 200-day moving average price of $109.47. The company has a market cap of $114.89 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 1.82 and a beta of 0.42. Newmont Corporation has a 12 month low of $52.08 and a 12 month high of $134.88.
Newmont Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio is currently 13.49%.
Newmont News Summary
Here are the key news stories impacting Newmont this week:
- Positive Sentiment: Seeking Alpha highlighted Newmont’s strong cash generation, saying its cash flow “explosion” may just be beginning, supported by a new $6 billion buyback authorization, record first-quarter free cash flow, and long-term gold price tailwinds. Newmont: Gold’s Volatility Creates A Long-Term Opportunity
- Positive Sentiment: Royal Bank of Canada kept an Outperform rating on Newmont, even after trimming its price target to $140 from $160, implying meaningful upside from current levels. RBC adjusts price target on Newmont
- Neutral Sentiment: Newmont remains a frequent topic among investors and screeners, with multiple articles questioning valuation after the stock’s sharp 1-year rally and noting that shares are trading near estimated fair value. A Look At Newmont (NEM) Valuation As Shares Trade Near Estimated Fair Value
- Negative Sentiment: CEO Natascha Viljoen and EVP Peter Toth both sold shares in pre-arranged 10b5-1 transactions, which can sometimes weigh on sentiment even though the sales were scheduled in advance.
- Neutral Sentiment: One article questioned whether it is too late to reassess the stock after a roughly 96% one-year surge, reflecting investor debate about whether much of the upside is already priced in. Is It Too Late To Reassess Newmont (NEM) After Its 1 Year 96% Surge?
Analysts Set New Price Targets
Several analysts have issued reports on the stock. BMO Capital Markets upped their price target on shares of Newmont from $140.00 to $145.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Bank of America upped their price target on shares of Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Royal Bank Of Canada cut their price target on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Finally, Canadian Imperial Bank of Commerce set a $175.00 price target on shares of Newmont and gave the company an “outperform” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $142.20.
Check Out Our Latest Research Report on NEM
Insider Activity at Newmont
In other news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David James Fry sold 18,394 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares of the company’s stock, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,950 shares of company stock valued at $5,494,288 in the last quarter. 0.06% of the stock is currently owned by company insiders.
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.
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