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

Bridgefront Capital LLC acquired a new stake in Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,961 shares of the basic materials company’s stock, valued at approximately $503,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in Newmont in the 2nd quarter worth about $919,170,000. Invesco Ltd. increased its holdings in shares of Newmont by 45.0% in the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the period. Legal & General Group Plc increased its stake in Newmont by 9.6% in the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock worth $687,223,000 after acquiring an additional 711,940 shares during the last quarter. Boston Partners raised its stake in Newmont by 49.3% in the third 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 in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Newmont by 33.8% during the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock valued at $414,270,000 after buying an additional 1,244,845 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NEM has been the topic of a number of research reports. Citigroup raised their price objective on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Macquarie Infrastructure upped their price objective on shares of Newmont from $115.00 to $126.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. The Goldman Sachs Group raised their price target on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. National Bank Financial raised their price objective on shares of Newmont from $120.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Finally, TD Cowen boosted their target price on shares of Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a report on Thursday, January 22nd. Three 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $134.15.

Newmont Stock Up 0.6%

NEM stock opened at $110.19 on Tuesday. The business has a 50 day moving average of $118.86 and a 200 day moving average of $98.95. The firm has a market cap of $119.87 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 0.85 and a beta of 0.39. Newmont Corporation has a twelve month low of $42.93 and a twelve month 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.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, topping the consensus estimate 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 for 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 company’s revenue for the quarter was up 20.6% compared to the same quarter last year. On average, research analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

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

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.