Bridgefront Capital LLC Purchases Shares of 5,093 Newmont Co. (NYSE:NEM)

Posted by MarketBeat News on Mar 17th, 2023

Bridgefront Capital LLC purchased a new stake in shares of Newmont Co. (NYSE:NEM – Get Rating) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 5,093 shares of the basic materials company’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Toroso Investments LLC boosted its stake in Newmont by 45.5% during the 3rd quarter. Toroso Investments LLC now owns 78,305 shares of the basic materials company’s stock valued at $3,291,000 after purchasing an additional 24,490 shares in the last quarter. Eagle Bay Advisors LLC lifted its position in shares of Newmont by 19.6% during the 3rd quarter. Eagle Bay Advisors LLC now owns 3,911 shares of the basic materials company’s stock valued at $164,000 after acquiring an additional 642 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Newmont by 23.3% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 110,686 shares of the basic materials company’s stock valued at $4,652,000 after acquiring an additional 20,931 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Newmont during the 3rd quarter valued at $3,112,000. Finally, Industrial Alliance Investment Management Inc. lifted its position in shares of Newmont by 13.4% during the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 38,377 shares of the basic materials company’s stock valued at $1,613,000 after acquiring an additional 4,537 shares during the last quarter. 77.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. BNP Paribas upgraded Newmont from a “neutral” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Monday, February 13th. Canaccord Genuity Group upgraded Newmont from a “hold” rating to a “buy” rating and increased their target price for the company from $53.00 to $55.00 in a report on Monday. National Bank Financial increased their target price on Newmont from C$76.00 to C$86.00 in a report on Friday, January 13th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the company from $59.00 to $53.00 in a report on Tuesday, February 14th. Finally, Barclays increased their target price on Newmont from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, January 30th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.21.

Insiders Place Their Bets

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In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total transaction of $530,530.00. Following the transaction, the chief executive officer now directly owns 199,949 shares of the company’s stock, valued at $9,643,540.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $44.25, for a total value of $132,750.00. Following the sale, the chief operating officer now directly owns 87,751 shares of the company’s stock, valued at $3,882,981.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $530,530.00. Following the completion of the sale, the chief executive officer now directly owns 199,949 shares in the company, valued at $9,643,540.27. The disclosure for this sale can be found here. Insiders have sold 28,000 shares of company stock valued at $1,294,720 over the last three months. 0.11% of the stock is currently owned by insiders.

Newmont Trading Down 0.7 %

NYSE NEM opened at $45.78 on Friday. Newmont Co. has a 1-year low of $37.45 and a 1-year high of $86.37. The company has a current ratio of 2.23, a quick ratio of 1.89 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $36.37 billion, a PE ratio of -84.78, a price-to-earnings-growth ratio of 1.69 and a beta of 0.31. The firm’s fifty day simple moving average is $48.48 and its 200-day simple moving average is $45.74.

Newmont (NYSE:NEM – Get Rating) last posted its earnings results on Thursday, February 23rd. The basic materials company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.03). The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.10 billion. Newmont had a positive return on equity of 6.98% and a negative net margin of 3.60%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 earnings per share. As a group, sell-side analysts anticipate that Newmont Co. will post 2.24 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Thursday, March 9th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.49%. The ex-dividend date is Wednesday, March 8th. Newmont’s payout ratio is -296.29%.

Newmont Company Profile

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.