Zurcher Kantonalbank Zurich Cantonalbank Acquires 132,340 Shares of Newmont Co. (NYSE:NEM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Newmont Co. (NYSE:NEM) by 26.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 639,338 shares of the basic materials company’s stock after purchasing an additional 132,340 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Newmont were worth $26,769,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in NEM. Vanguard Group Inc. increased its holdings in Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after buying an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp increased its holdings in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after buying an additional 18,664,614 shares during the last quarter. Norges Bank purchased a new stake in Newmont during the fourth quarter worth about $604,516,000. Charles Schwab Investment Management Inc. increased its holdings in Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after buying an additional 7,635,657 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Newmont by 39.8% in the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and lifted their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Newmont Price Performance

NYSE:NEM traded up $1.35 during mid-day trading on Thursday, hitting $53.18. 6,710,974 shares of the stock traded hands, compared to its average volume of 10,668,849. The business’s 50-day moving average price is $47.00 and its 200 day moving average price is $41.12. The company has a market cap of $61.32 billion, a PE ratio of -19.92, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $53.47. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period in the previous year, the business posted $0.33 earnings per share. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, analysts expect that Newmont Co. will post 2.76 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.88%. Newmont’s payout ratio is presently -37.45%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by company insiders.

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.