Bridgefront Capital LLC Invests $503,000 in Newmont Corporation $NEM

Bridgefront Capital LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,961 shares of the basic materials company’s stock, valued at approximately $503,000.

Other hedge funds also recently added to or reduced their stakes in the company. Estate Counselors LLC bought a new position in shares of Newmont during the third quarter valued at $4,182,000. AustralianSuper Pty Ltd increased its holdings in Newmont by 124.8% in 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 in the last quarter. Knights of Columbus Asset Advisors LLC raised its position in 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 worth $5,101,000 after buying an additional 44,846 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in 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 worth $362,888,000 after buying an additional 2,723,044 shares during the last quarter. Finally, Live Oak Investment Partners bought a new position in Newmont during the 3rd quarter valued at about $2,232,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NYSE NEM opened at $110.19 on Tuesday. Newmont Corporation has a 12-month low of $42.93 and a 12-month high of $134.88. The firm has a market capitalization of $119.87 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 0.85 and a beta of 0.39. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $118.86 and a 200 day moving average of $98.95.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.71. The business had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period last year, the firm earned $1.40 earnings per share. On average, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share 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 paid a $0.26 dividend. This is a positive change from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 16.28%.

Analyst Ratings Changes

A number of brokerages have recently commented on NEM. TD Cowen lifted their price target on shares of Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, January 22nd. Jefferies Financial Group increased their price objective on shares of Newmont from $158.00 to $162.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. The Goldman Sachs Group lifted their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research report on Monday, January 12th. Citigroup increased their price target on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Finally, Scotiabank lifted their price objective on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Newmont presently has a consensus rating of “Buy” and an average target price of $134.15.

Newmont Company 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.