CIBC Asset Management Inc Sells 10,623 Shares of Newmont Co. (NYSE:NEM)

CIBC Asset Management Inc lowered its position in shares of Newmont Co. (NYSE:NEM) by 4.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 213,472 shares of the basic materials company’s stock after selling 10,623 shares during the quarter. CIBC Asset Management Inc’s holdings in Newmont were worth $8,938,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. LRI Investments LLC bought a new position in shares of Newmont during the 1st quarter worth approximately $25,000. Manchester Capital Management LLC increased its stake in shares of Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 397 shares during the last quarter. Heritage Wealth Advisors increased its stake in shares of Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares during the last quarter. Crewe Advisors LLC purchased a new stake in shares of Newmont during the 1st quarter worth approximately $35,000. Finally, Rise Advisors LLC increased its stake in shares of Newmont by 2,373.2% during the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 973 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.06% of the company’s stock.

Newmont Stock Down 2.1 %

NEM opened at $52.27 on Wednesday. The company has a fifty day moving average price of $47.86 and a 200-day moving average price of $41.75. The firm has a market capitalization of $60.27 billion, a P/E ratio of -19.58, a price-to-earnings-growth ratio of 0.39 and a beta of 0.47. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont Co. has a one year low of $29.42 and a one year high of $53.88.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 EPS. Equities research analysts expect that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.91%. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Jefferies Financial Group raised their price target on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. BMO Capital Markets raised their price target on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Bank of America raised their price target on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

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.