CIBC Bancorp USA Inc. Purchases Shares of 446,702 Newmont Corporation $NEM

CIBC Bancorp USA Inc. acquired a new stake in shares of Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 446,702 shares of the basic materials company’s stock, valued at approximately $37,661,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in NEM. Physician Wealth Advisors Inc. increased its position in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. JPL Wealth Management LLC acquired a new position in Newmont during the 3rd quarter worth approximately $27,000. Capital A Wealth Management LLC boosted its holdings in Newmont by 1,648.3% in the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 478 shares in the last quarter. Caldwell Trust Co bought a new position in Newmont in the second quarter worth approximately $31,000. Finally, Country Trust Bank acquired a new stake in Newmont in the second quarter valued at approximately $32,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NEM shares. Scotiabank upped their target price on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. BNP Paribas Exane lifted their price target on shares of Newmont from $123.00 to $128.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Bank of America boosted their price target on shares of Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Canaccord Genuity Group upped their price objective on shares of Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Finally, The Goldman Sachs Group raised their price objective on shares of Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a research note on Monday, January 12th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $134.15.

Newmont Stock Performance

Shares of Newmont stock opened at $110.97 on Wednesday. Newmont Corporation has a 52 week low of $42.93 and a 52 week high of $134.88. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average price of $118.89 and a 200-day moving average price of $99.20. The company has a market cap of $120.72 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 0.85 and a beta of 0.39.

Newmont (NYSE:NEM) last announced its quarterly 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 business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.Newmont’s revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 earnings per share. Equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

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

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.