Summit Global Investments Makes New $6.34 Million Investment in Newmont Corporation $NEM

Summit Global Investments bought a new stake in Newmont Corporation (NYSE:NEM) in the 2nd quarter, HoldingsChannel reports. The firm bought 67,913 shares of the basic materials company’s stock, valued at approximately $6,343,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Novem Group increased its position in Newmont by 3.7% during the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock worth $248,000 after purchasing an additional 88 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Newmont by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock valued at $714,000 after purchasing an additional 96 shares during the last quarter. Coston McIsaac & Partners grew its position in Newmont by 28.6% in the fourth quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 100 shares during the period. Creative Financial Designs Inc. ADV boosted its stake in shares of Newmont by 6.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,647 shares of the basic materials company’s stock valued at $164,000 after purchasing an additional 100 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Newmont by 0.6% in the first quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock worth $1,861,000 after acquiring an additional 100 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: New Nevada earn-in agreement: Newmont signed an agreement with Headwater Gold to earn an interest in the Jupiter Project, a potential district-scale epithermal gold project in Nevada. The deal expands Newmont’s exploration pipeline and could provide additional future resource growth. Headwater Gold and Newmont sign earn-in agreement for Jupiter project
• Positive Sentiment: Gold-market support: Gold prices near record levels are improving the outlook for gold producers such as Newmont and have been a major factor behind the company’s recent rally. Newmont’s Nevada agreements, including the Jupiter earn-in and its Spring Peak joint venture, further support investor interest in future production growth. Is Newmont in the spotlight as gold sits near record highs?
• Positive Sentiment: Optimistic analyst outlook: TD Securities and Scotiabank reportedly expect further appreciation in Newmont’s stock. Recent analyst targets compiled in market commentary show a median target of approximately $145.50, above the current trading level, although targets remain sensitive to gold prices and operating execution. Newmont stock price expected to rise, TD analyst says
• Positive Sentiment: Unusual options activity: Traders purchased 47,733 NEM call options, roughly 119% above average call volume. This indicates heightened bullish positioning, though options activity can also reflect short-term speculation rather than a change in fundamentals.
• Neutral Sentiment: Valuation debate: One analysis estimates Newmont could be about 19% undervalued following its Nevada deals, while another notes that the recent rally may already reflect much of the benefit from higher gold prices. Newmont could be 19% undervalued following Nevada gold deals
• Negative Sentiment: Operating risks and profit-taking: Analysts continue to flag lower production, rising costs and potentially weaker estimates. Investors are also monitoring uncertainty surrounding Nevada Gold Mines, Barrick’s Fourmile project and the valuation of the joint venture.
• Negative Sentiment: Insider selling: Reported insider activity shows 15 open-market sales and no purchases over the past six months, including sales by senior executives. This may weigh on sentiment, though insider transactions do not necessarily indicate a change in the company’s outlook.

Insider Buying and Selling

In related news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. This represents a 6.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock valued at $3,292,513 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on NEM. TD Cowen reissued a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Scotiabank lifted their price objective on Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a research note on Wednesday. TD boosted their price objective on Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group cut their price target on Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $132.59.

Newmont Trading Up 3.2%

NYSE:NEM opened at $117.80 on Friday. Newmont Corporation has a 12-month low of $67.20 and a 12-month high of $134.88. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The stock’s 50 day simple moving average is $98.93 and its 200-day simple moving average is $108.98. The firm has a market cap of $124.12 billion, a P/E ratio of 14.87, a PEG ratio of 1.27 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. Equities analysts anticipate that Newmont Corporation will post 9 EPS for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is currently 13.13%.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.