CIBC Asset Management Inc Increases Stake in Newmont Co. (NYSE:NEM)

CIBC Asset Management Inc increased its holdings in Newmont Co. (NYSE:NEM) by 2.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 245,984 shares of the basic materials company’s stock after acquiring an additional 5,598 shares during the period. CIBC Asset Management Inc’s holdings in Newmont were worth $9,155,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Avior Wealth Management LLC boosted its position in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the period. Prospera Private Wealth LLC purchased a new stake in Newmont during the 3rd quarter valued at $28,000. Highline Wealth Partners LLC purchased a new stake in Newmont during the 3rd quarter valued at $32,000. McIlrath & Eck LLC boosted its position in Newmont by 80.6% during the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after buying an additional 361 shares during the period. Finally, HHM Wealth Advisors LLC boosted its position in Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $47.53 on Wednesday. Newmont Co. has a one year low of $29.42 and a one year high of $58.72. The company’s 50-day moving average is $41.11 and its 200 day moving average is $46.46. The company has a market capitalization of $54.10 billion, a price-to-earnings ratio of -31.27, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Analyst Ratings Changes

NEM has been the subject of several analyst reports. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. CLSA began coverage on shares of Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada upped their price objective on shares of Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Finally, UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.37.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the sale, the executive vice president now owns 82,596 shares of the company’s stock, valued at $3,303,840. This trade represents a 3.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,154 shares of company stock valued at $1,166,843. 0.06% of the stock is owned by insiders.

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.