Summit Financial LLC Buys New Stake in Newmont Corporation $NEM

Key Points

• Summit Financial LLC acquired 9,663 shares of Newmont Corporation, valued at approximately $467,000, during the first quarter, indicating institutional interest in the company.
• Several hedge funds have increased their stakes in Newmont, with significant boosts coming from companies like Hemington Wealth Management and SOA Wealth Advisors LLC, highlighting a trend of growing confidence among investors.
• Newmont recently reported a notable 19.6% year-over-year increase in revenue for the quarter and topped earnings estimates with $1.43 EPS, demonstrating strong financial performance.

Summit Financial LLC acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 9,663 shares of the basic materials company's stock, valued at approximately $467,000.

Several other institutional investors have also modified their holdings of NEM. Nuveen LLC acquired a new position in Newmont in the first quarter valued at $306,507,000. Pacer Advisors Inc. grew its holdings in Newmont by 4,203.5% during the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after purchasing an additional 5,251,616 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Newmont during the 4th quarter valued at $92,693,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Newmont in the fourth quarter valued at approximately $75,435,000. Finally, Man Group plc lifted its position in Newmont by 42.2% in the 4th quarter. Man Group plc now owns 5,030,228 shares of the basic materials company's stock valued at $187,225,000 after purchasing an additional 1,493,843 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on NEM. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. Raymond James Financial lifted their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Finally, Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Four analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the transaction, the director owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,246 shares of company stock worth $1,373,251. 0.05% of the stock is owned by insiders.

Newmont Stock Up 0.8%

NYSE NEM traded up $0.61 during trading on Thursday, reaching $73.00. The company's stock had a trading volume of 6,794,550 shares, compared to its average volume of 11,733,115. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $80.18 billion, a PE ratio of 13.11, a PEG ratio of 0.86 and a beta of 0.30. The business has a 50-day moving average price of $63.29 and a 200-day moving average price of $54.58. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $73.29.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company's revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 earnings per share. On average, research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

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.