Summit Global Investments Sells 32,194 Shares of Newmont Co. (NYSE:NEM)

Summit Global Investments cut its holdings in Newmont Co. (NYSE:NEM) by 78.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,950 shares of the basic materials company’s stock after selling 32,194 shares during the period. Summit Global Investments’ holdings in Newmont were worth $370,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NEM. Natixis Advisors L.P. lifted its stake in shares of Newmont by 25.6% in the 4th quarter. Natixis Advisors L.P. now owns 84,145 shares of the basic materials company’s stock valued at $3,482,000 after acquiring an additional 17,175 shares during the last quarter. Swiss National Bank lifted its position in Newmont by 41.0% in the fourth quarter. Swiss National Bank now owns 3,603,805 shares of the basic materials company’s stock valued at $149,161,000 after purchasing an additional 1,047,645 shares during the last quarter. West Family Investments Inc. boosted its stake in shares of Newmont by 1.0% during the fourth quarter. West Family Investments Inc. now owns 153,755 shares of the basic materials company’s stock valued at $6,364,000 after purchasing an additional 1,551 shares during the period. LGT Group Foundation grew its holdings in shares of Newmont by 0.6% in the fourth quarter. LGT Group Foundation now owns 124,826 shares of the basic materials company’s stock worth $5,205,000 after purchasing an additional 777 shares during the last quarter. Finally, First Trust Direct Indexing L.P. increased its stake in shares of Newmont by 81.7% in the fourth quarter. First Trust Direct Indexing L.P. now owns 18,566 shares of the basic materials company’s stock worth $768,000 after buying an additional 8,347 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

Newmont stock opened at $40.66 on Monday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $50.18. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90. The business’s fifty day simple moving average is $36.40 and its two-hundred day simple moving average is $36.97.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.40 earnings per share. Equities analysts expect that Newmont Co. will post 2.32 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.46%. Newmont’s payout ratio is -37.45%.

Wall Street Analyst Weigh In

NEM has been the topic of a number of recent analyst reports. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. National Bank Financial lowered Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. BMO Capital Markets cut their price objective on Newmont from $56.00 to $54.00 and set an “outperform” rating on the stock in a research report on Thursday. Scotiabank reduced their target price on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Finally, StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.35.

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.