Summit Global Investments Makes New $5.92 Million Investment in Newmont Corporation $NEM

Summit Global Investments acquired a new position in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 51,281 shares of the basic materials company’s stock, valued at approximately $5,915,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new position in Newmont during the second quarter worth $11,289,753,000. State Street Corp raised its holdings in shares of Newmont by 3.1% during the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock valued at $4,893,852,000 after purchasing an additional 1,565,716 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Newmont by 5.3% during the first quarter. Bank of New York Mellon Corp now owns 12,237,940 shares of the basic materials company’s stock valued at $1,324,757,000 after purchasing an additional 615,461 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Newmont by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,359,524 shares of the basic materials company’s stock worth $1,012,792,000 after purchasing an additional 184,586 shares in the last quarter. Finally, Amundi boosted its position in shares of Newmont by 4.4% during the 1st quarter. Amundi now owns 8,780,775 shares of the basic materials company’s stock worth $950,519,000 after purchasing an additional 372,415 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the completion of the sale, the executive vice president owned 34,315 shares in the company, valued at $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the sale, the chief executive officer owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,973 shares of company stock valued at $3,927,169 in the last three months. 0.06% of the stock is currently owned by insiders.

Newmont Stock Performance

Shares of Newmont stock opened at $106.60 on Friday. Newmont Corporation has a 52 week low of $78.60 and a 52 week high of $135.29. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $120.62 and a 200-day moving average price of $112.48. The company has a market cap of $110.78 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.95 and a beta of 0.51.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company had revenue of $6.36 billion for the quarter, compared to analysts’ expectations of $6.27 billion. During the same quarter in the previous year, the firm earned $1.71 earnings per share. Newmont’s quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts anticipate that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, November 25th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont’s dividend payout ratio (DPR) is 12.09%.

Analysts Set New Price Targets

Several brokerages have recently commented on NEM. BMO Capital Markets raised their target price on Newmont from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 29th. TD upped their price target on Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. BNP Paribas Exane increased their price target on Newmont from $102.00 to $112.00 and gave the stock a “neutral” rating in a report on Monday, August 17th. TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $137.20.

About Newmont

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.