Constitution Capital LLC Invests $534,000 in Newmont Corporation $NEM

Constitution Capital LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,350 shares of the basic materials company’s stock, valued at approximately $534,000.

Several other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Newmont during the 2nd quarter worth about $919,170,000. Invesco Ltd. boosted its stake in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after purchasing an additional 4,839,447 shares during the last quarter. Legal & General Group Plc grew its position in shares of Newmont by 9.6% during 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 buying an additional 711,940 shares during the period. Boston Partners raised its stake in shares of Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after buying an additional 2,288,653 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Newmont by 33.8% during the third quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock worth $414,270,000 after buying an additional 1,244,845 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 2.2%

Shares of NYSE:NEM opened at $97.94 on Tuesday. The company has a 50 day moving average price of $118.14 and a two-hundred day moving average price of $99.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The company has a market capitalization of $106.55 billion, a PE ratio of 15.33, a PEG ratio of 0.74 and a beta of 0.39. Newmont Corporation has a 52 week low of $42.93 and a 52 week high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping 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 analysts’ expectations of $6.18 billion. During the same period last year, the firm posted $1.40 earnings per share. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. Analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Tuesday, March 3rd will be issued a dividend of $0.26 per share. This is a boost from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, March 3rd. Newmont’s dividend payout ratio is presently 16.28%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $121.00 to $157.00 in a research note on Friday, February 27th. Royal Bank Of Canada upped their target price on shares of Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. BNP Paribas Exane raised their price target on Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Bank of America lifted their price objective on Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Canaccord Genuity Group upped their price objective on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Newmont currently has an average rating of “Buy” and an average target price of $134.10.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Zacks highlights Newmont as one of two basic-materials names showing positive earnings momentum (Earnings ESP), reinforcing expectations for continuing earnings surprises after Newmont’s recent quarter beat. Read More.
• Positive Sentiment: Heightened investor attention: Zacks reports Newmont is one of the most-searched names recently, which can drive intraday interest and trading flows. Read More.
• Neutral Sentiment: Dividend mechanics update for Australian CHESS/CDI holders: Newmont posted currency-exchange details for its ASX/CHESS dividend notification — administrative but clarifies cash flows for Australian investors. Read More.
• Neutral Sentiment: Executive share sales disclosed as pre-planned trades: Newmont announced a planned trading sale by EVP Peter Toth, which the company frames as routine and pre-arranged. Such plan-based sales are less likely to signal negative private information. Read More.
• Negative Sentiment: Falling gold prices are pressuring miners broadly — Barron’s notes gold has erased YTD gains and is dragging mining stocks lower, a primary headwind for Newmont’s revenue outlook and sentiment. Read More.
• Negative Sentiment: Analyst pressure: Scotiabank cut its Newmont price target to $151 and other outlets reported an analyst downgrade that previously knocked shares lower — analyst revisions can cap upside until commodity trends stabilize. Read More. Read More.
• Negative Sentiment: Insider selling reported: separate filings show an EVP sold roughly $324k of stock; while not uncommon, active insider sales can weigh on near-term sentiment. Read More.

Insider Transactions at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $108.00, for a total value of $324,000.00. Following the sale, the executive vice president directly owned 55,315 shares in the company, valued at approximately $5,974,020. This represents a 5.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.05% of the stock is currently owned by insiders.

Newmont 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.