Verus Capital Partners LLC Makes New Investment in Newmont Corporation $NEM

Verus Capital Partners LLC acquired a new stake in Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 4,913 shares of the basic materials company’s stock, valued at approximately $414,000.

Several other hedge funds and other institutional investors have also modified their holdings of NEM. Physician Wealth Advisors Inc. raised its stake in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Newmont by 53.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 139 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Newmont during the 3rd quarter worth about $44,000. Capital A Wealth Management LLC lifted its holdings in Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 478 shares during the last quarter. Finally, Caldwell Trust Co acquired a new position in Newmont in the second quarter valued at about $31,000. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 0.3%

Shares of NEM opened at $123.93 on Wednesday. The stock’s fifty day simple moving average is $114.13 and its 200-day simple moving average is $94.10. The firm has a market capitalization of $134.82 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.05 and a beta of 0.40. Newmont Corporation has a 12-month low of $41.23 and a 12-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 announced its quarterly earnings data 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. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. During the same period in the previous year, the business posted $1.40 EPS. The company’s quarterly revenue was up 20.6% compared to the same quarter last year. As a group, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The firm 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. This is a positive change from Newmont’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is presently 15.65%.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.05% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NEM. Macquarie Infrastructure raised their price objective on shares of Newmont from $115.00 to $126.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. BNP Paribas Exane raised their price target on Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Scotiabank boosted their price objective on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Argus increased their target price on Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $177.00 price target on shares of Newmont in a report on Wednesday, February 4th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $132.88.

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.