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

Dorsey Wright & Associates acquired a new stake in Newmont Corporation (NYSE:NEM) in the third quarter, HoldingsChannel.com reports. The fund acquired 140,345 shares of the basic materials company’s stock, valued at approximately $11,832,000. Newmont accounts for 2.6% of Dorsey Wright & Associates’ portfolio, making the stock its 6th biggest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NEM. Estate Counselors LLC acquired a new position in Newmont during the third quarter worth $4,182,000. AustralianSuper Pty Ltd lifted 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 valued at $27,843,000 after purchasing an additional 183,360 shares in the last quarter. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Newmont by 286.5% during the third 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 period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Newmont by 172.2% during the third 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 purchasing an additional 2,723,044 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new stake in shares of Newmont during the third quarter worth $2,232,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Trading Up 0.7%

Shares of NEM opened at $110.97 on Wednesday. Newmont Corporation has a twelve month low of $42.93 and a twelve month high of $134.88. The firm has a market capitalization of $120.72 billion, a P/E ratio of 17.37, 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 stock’s fifty day simple moving average is $118.89 and its 200 day simple moving average is $99.20.

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

Newmont Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Jefferies Financial Group upped their target price on Newmont from $158.00 to $162.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. National Bank Financial raised their price target on Newmont from $120.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 4th. BMO Capital Markets dropped their price objective on shares of Newmont from $145.00 to $140.00 and set an “outperform” rating for the company in a research note on Friday, February 20th. Bank of America increased their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, TD Securities decreased their target price on shares of Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, March 3rd. Three research 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 company has a consensus rating of “Buy” and a consensus target price 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.