Dorsey Wright & Associates Invests $11.83 Million in Newmont Corporation $NEM

Dorsey Wright & Associates bought a new position in shares of Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 140,345 shares of the basic materials company’s stock, valued at approximately $11,832,000. Newmont makes up approximately 2.6% of Dorsey Wright & Associates’ portfolio, making the stock its 6th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Fulcrum Asset Management LLP purchased a new position in Newmont in the third quarter valued at approximately $125,000. Greenline Partners LLC lifted its position in shares of Newmont by 23.8% during the 3rd quarter. Greenline Partners LLC now owns 9,953 shares of the basic materials company’s stock worth $839,000 after buying an additional 1,912 shares during the last quarter. Keystone Financial Group purchased a new stake in shares of Newmont during the 3rd quarter worth approximately $708,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Newmont by 4.2% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,132,483 shares of the basic materials company’s stock valued at $95,765,000 after buying an additional 45,142 shares in the last quarter. Finally, Caxton Associates LLP grew its position in shares of Newmont by 514.9% in the 3rd quarter. Caxton Associates LLP now owns 75,745 shares of the basic materials company’s stock valued at $6,386,000 after buying an additional 63,427 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.7%

Shares of NYSE:NEM opened at $110.97 on Wednesday. Newmont Corporation has a 1-year low of $42.93 and a 1-year high of $134.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The stock has a market cap of $120.72 billion, a P/E ratio of 17.37, a P/E/G ratio of 0.85 and a beta of 0.39. The firm has a fifty day moving average price of $118.89 and a 200 day moving average price of $99.20.

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

Newmont Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be given a $0.26 dividend. This is a boost 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 yield of 0.9%. Newmont’s payout ratio is presently 16.28%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Canadian Imperial Bank of Commerce cut their price target on shares of Newmont from $71.00 to $67.00 in a research note on Friday, February 27th. Argus upped their price objective on shares of Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Sanford C. Bernstein raised Newmont from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Raymond James Financial boosted their target price on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Finally, DZ Bank raised Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Newmont currently has an average rating of “Buy” and an average price target 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.