Summit Global Investments Purchases 8,131 Shares of Newmont Co. (NYSE:NEM)

Summit Global Investments raised its position in shares of Newmont Co. (NYSE:NEM - Free Report) by 93.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,788 shares of the basic materials company's stock after purchasing an additional 8,131 shares during the period. Summit Global Investments' holdings in Newmont were worth $811,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NEM. Brighton Jones LLC boosted its stake in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock worth $506,000 after buying an additional 1,847 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Newmont by 53.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 8,640 shares of the basic materials company's stock worth $322,000 after acquiring an additional 3,001 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of Newmont in the 4th quarter valued at $7,508,000. Pacer Advisors Inc. grew its holdings in shares of Newmont by 46.8% during the 4th quarter. Pacer Advisors Inc. now owns 124,935 shares of the basic materials company's stock valued at $4,650,000 after purchasing an additional 39,857 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in Newmont by 3.4% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 165,991 shares of the basic materials company's stock worth $6,178,000 after purchasing an additional 5,512 shares during the period. Institutional investors own 68.85% of the company's stock.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total transaction of $106,923.96. Following the completion of the transaction, the director now owns 47,257 shares of the company's stock, valued at $2,432,790.36. This trade represents a 4.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NEM. National Bankshares restated a "sector perform" rating on shares of Newmont in a research report on Wednesday, April 23rd. Cfra Research upgraded Newmont to a "strong-buy" rating in a report on Friday, April 25th. Royal Bank of Canada lifted their price target on Newmont from $51.00 to $52.00 and gave the stock a "sector perform" rating in a research note on Friday, April 4th. Raymond James restated an "outperform" rating and issued a $66.00 target price on shares of Newmont in a report on Friday, April 25th. Finally, Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $56.52.

Newmont Stock Up 0.1%

Shares of NEM traded up $0.08 on Wednesday, reaching $55.42. The stock had a trading volume of 3,550,852 shares, compared to its average volume of 10,167,425. The firm has a market capitalization of $61.68 billion, a price-to-earnings ratio of 18.91, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31. The company has a 50-day simple moving average of $51.81 and a 200-day simple moving average of $45.76. Newmont Co. has a 12-month low of $36.86 and a 12-month high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm earned $0.55 EPS. Sell-side analysts predict that Newmont Co. will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Tuesday, May 27th. Newmont's dividend payout ratio is 22.42%.

Newmont Profile

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.