Newmont Corporation $NEM Shares Sold by Summit Global Investments

Summit Global Investments lessened its stake in shares of Newmont Corporation (NYSE:NEM) by 11.3% during the third quarter, HoldingsChannel reports. The firm owned 43,090 shares of the basic materials company’s stock after selling 5,512 shares during the period. Summit Global Investments’ holdings in Newmont were worth $3,633,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of NEM. Harbor Capital Advisors Inc. raised its holdings in shares of Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after buying an additional 139 shares during the period. HHM Wealth Advisors LLC boosted its holdings in Newmont by 26.4% in the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock worth $56,000 after acquiring an additional 140 shares during the period. Summit Financial Wealth Advisors LLC grew its position in Newmont by 2.3% in the third quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock valued at $566,000 after acquiring an additional 145 shares in the last quarter. Welch Group LLC grew its position in Newmont by 1.3% in the third quarter. Welch Group LLC now owns 12,187 shares of the basic materials company’s stock valued at $1,027,000 after acquiring an additional 153 shares in the last quarter. Finally, Resonant Capital Advisors LLC raised its stake in shares of Newmont by 3.8% during the third quarter. Resonant Capital Advisors LLC now owns 4,401 shares of the basic materials company’s stock valued at $371,000 after purchasing an additional 163 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

NEM opened at $127.00 on Friday. The company has a market capitalization of $138.59 billion, a P/E ratio of 19.72, a PEG ratio of 1.01 and a beta of 0.41. The company has a 50-day moving average of $103.95 and a 200-day moving average of $86.50. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a 1-year low of $41.23 and a 1-year high of $134.88.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a research note on Monday, January 12th. Scotiabank upped their price objective on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a research report on Monday. Canaccord Genuity Group raised their target price on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. DZ Bank raised Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Finally, National Bankshares boosted their price target on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $105.88.

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.