Summit Global Investments Acquires 1,092 Shares of Newmont Co. (NYSE:NEM)

Summit Global Investments boosted its holdings in Newmont Co. (NYSE:NEM) by 14.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,657 shares of the basic materials company’s stock after acquiring an additional 1,092 shares during the quarter. Summit Global Investments’ holdings in Newmont were worth $322,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NEM. Avior Wealth Management LLC boosted its position in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the last quarter. McIlrath & Eck LLC boosted its holdings in Newmont by 80.6% during the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock worth $43,000 after acquiring an additional 361 shares during the last quarter. HHM Wealth Advisors LLC grew its stake in shares of Newmont by 66.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 350 shares in the last quarter. Promus Capital LLC purchased a new stake in shares of Newmont in the fourth quarter valued at about $38,000. Finally, Kestra Investment Management LLC bought a new position in shares of Newmont during the fourth quarter valued at about $43,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Trading Down 1.2 %

NYSE:NEM opened at $46.81 on Tuesday. The company has a market cap of $52.76 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.41 and a beta of 0.54. Newmont Co. has a 1 year low of $33.86 and a 1 year high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock’s fifty day moving average price is $44.25 and its two-hundred day moving average price is $45.50.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.32 billion. As a group, analysts expect that Newmont Co. will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, March 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Tuesday, March 4th. Newmont’s dividend payout ratio (DPR) is presently 34.13%.

Insider Buying and Selling

In other news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the completion of the transaction, the executive vice president now owns 86,526 shares of the company’s stock, valued at $3,782,051.46. This trade represents a 3.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,231 shares of company stock valued at $1,388,758. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NEM. Raymond James reduced their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Scotiabank dropped their price target on Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. The Goldman Sachs Group initiated coverage on Newmont in a research note on Monday, January 13th. They issued a “buy” rating and a $47.20 price objective for the company. StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Finally, CLSA assumed coverage on shares of Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $53.16.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.