Longfellow Investment Management Co. LLC Sells 41,000 Shares of Newmont Corporation $NEM

Key Points

• Longfellow Investment Management cut its Newmont stake by 30%, selling 41,000 shares and leaving it with 95,714 shares worth about $8.07 million (Newmont is 1.9% of its portfolio and its 8th largest holding).
• Strong quarterly results: Newmont reported $2.52 EPS vs. $1.81 expected and revenue of $6.82 billion (up 20.6% year‑over‑year), and raised its quarterly dividend to $0.26 (annualized $1.04, ~0.9% yield).
• Market and analyst backdrop: Shares traded around $116.14 (down ~2.7%), institutional ownership is ~68.9%, and analysts have a consensus "Moderate Buy" with an average target of $133.68.

Longfellow Investment Management Co. LLC lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 30.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,714 shares of the basic materials company's stock after selling 41,000 shares during the period. Newmont comprises 1.9% of Longfellow Investment Management Co. LLC's investment portfolio, making the stock its 8th biggest position. Longfellow Investment Management Co. LLC's holdings in Newmont were worth $8,070,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NEM. Consolidated Portfolio Review Corp purchased a new stake in Newmont during the 3rd quarter worth approximately $320,000. Pitcairn Co. boosted its stake in shares of Newmont by 29.5% in the third quarter. Pitcairn Co. now owns 16,160 shares of the basic materials company's stock worth $1,362,000 after acquiring an additional 3,683 shares during the last quarter. United Capital Management of KS Inc. boosted its stake in shares of Newmont by 5.0% in the third quarter. United Capital Management of KS Inc. now owns 118,068 shares of the basic materials company's stock worth $9,954,000 after acquiring an additional 5,639 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Newmont by 62.4% during the third quarter. Crossmark Global Holdings Inc. now owns 80,042 shares of the basic materials company's stock worth $6,748,000 after purchasing an additional 30,745 shares in the last quarter. Finally, Orion Porfolio Solutions LLC raised its stake in Newmont by 72.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 84,451 shares of the basic materials company's stock valued at $7,120,000 after purchasing an additional 35,411 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Down 2.7%

Shares of NEM opened at $116.14 on Friday. Newmont Corporation has a 12-month low of $42.03 and a 12-month high of $134.88. The firm has a market capitalization of $126.35 billion, a P/E ratio of 18.18, a P/E/G ratio of 0.96 and a beta of 0.39. The firm has a 50-day moving average price of $117.04 and a 200 day moving average price of $96.41. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS 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 the consensus estimate of $6.18 billion. During the same period in the previous year, the firm earned $1.40 earnings per share. Newmont's quarterly revenue was up 20.6% compared to the same quarter last year. Sell-side analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be issued a $0.26 dividend. This is a boost from Newmont's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Tuesday, March 3rd. Newmont's payout ratio is currently 16.28%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NEM shares. Wall Street Zen cut shares of Newmont from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. TD Securities decreased their price target on shares of Newmont from $120.00 to $118.00 and set a "hold" rating on the stock in a research note on Tuesday. Weiss Ratings restated a "buy (b-)" rating on shares of Newmont in a research report on Monday, December 29th. Canaccord Genuity Group upped their price objective on shares of Newmont from $115.00 to $140.00 and gave the company a "buy" rating in a research note on Friday, January 23rd. Finally, UBS Group decreased their target price on shares of Newmont from $160.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average target price of $133.68.

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.

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