CIBC Asset Management Inc Buys 100,499 Shares of Newmont Corporation $NEM

Key Points

• CIBC Asset Management boosted its Newmont stake by 39.2% in the fourth quarter, buying 100,499 additional shares and bringing its total holding to 357,199 shares worth about $35.7 million.
• Several other institutional investors also increased exposure to Newmont, and institutional ownership stands at 68.85%, signaling strong professional investor interest in the gold miner.
• Newmont reported better-than-expected quarterly results, with EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion, while analysts currently rate the stock a Moderate Buy with a consensus target of $142.20.

CIBC Asset Management Inc increased its stake in Newmont Corporation (NYSE:NEM - Free Report) by 39.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 357,199 shares of the basic materials company's stock after purchasing an additional 100,499 shares during the quarter. CIBC Asset Management Inc's holdings in Newmont were worth $35,666,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of NEM. Norges Bank bought a new stake in Newmont during the 4th quarter valued at $1,443,128,000. Assetmark Inc. grew its position in shares of Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock valued at $286,619,000 after purchasing an additional 2,294,396 shares in the last quarter. Boston Partners raised its stake in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock valued at $585,828,000 after purchasing an additional 2,288,653 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company's stock valued at $349,288,000 after purchasing an additional 2,146,905 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company's stock worth $189,963,000 after purchasing an additional 1,914,286 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Insider Activity

In other news, insider David John Thornton sold 2,296 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the transaction, the executive vice president owned 46,315 shares of the company's stock, valued at $4,877,895.80. This trade represents a 6.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 49,950 shares of company stock worth $5,494,288. Company insiders own 0.06% of the company's stock.

Key Stories Impacting Newmont

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?

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NEM. TD increased their price objective on Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a report on Monday, April 27th. BMO Capital Markets increased their price objective on Newmont from $140.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. National Bank Financial increased their price objective on Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a report on Friday, April 24th. TD Securities reissued a "hold" rating and set a $129.00 price objective on shares of Newmont in a report on Monday, April 27th. Finally, Bank of America increased their price objective on Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.20.

Newmont Stock Down 1.7%

NEM opened at $107.62 on Thursday. The company has a fifty day moving average price of $111.55 and a 200-day moving average price of $109.47. The firm has a market capitalization of $114.89 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 1.82 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont Corporation has a one year low of $52.08 and a one year high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. Equities research analysts expect that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given 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 payout ratio is 13.49%.

About Newmont

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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