CIBC Bancorp USA Inc. Takes $37.66 Million Position in Newmont Corporation $NEM

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

Other institutional investors have also recently added to or reduced their stakes in the company. Estate Counselors LLC acquired a new stake in Newmont in the third quarter valued at $4,182,000. AustralianSuper Pty Ltd lifted its holdings in Newmont by 124.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after buying an additional 183,360 shares during the period. Knights of Columbus Asset Advisors LLC grew its position in shares of Newmont by 286.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock valued at $5,101,000 after buying an additional 44,846 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Newmont by 172.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after buying an additional 2,723,044 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new stake in shares of Newmont in the third quarter valued at about $2,232,000. 68.85% of the stock is owned by institutional investors.

Newmont Stock Up 0.7%

Shares of Newmont stock opened at $110.97 on Wednesday. The stock’s 50-day moving average is $118.89 and its 200 day moving average is $99.20. Newmont Corporation has a one year low of $42.93 and a one year high of $134.88. The firm has a market cap of $120.72 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 0.85 and a beta of 0.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. During the same period in the previous year, the company posted $1.40 earnings per share. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. Equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NEM shares. BMO Capital Markets cut their price objective on Newmont from $145.00 to $140.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. TD Securities decreased their target price on shares of Newmont from $120.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, March 3rd. Jefferies Financial Group boosted their price target on shares of Newmont from $158.00 to $162.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Canadian Imperial Bank of Commerce reduced their price objective on shares of Newmont from $71.00 to $67.00 in a research note on Friday, February 27th. Finally, Macquarie Infrastructure increased their price objective on shares of Newmont from $115.00 to $126.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Buy” and a consensus price target of $134.15.

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.