MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Invests $5.26 Million in Newmont Corporation $NEM

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH invested approximately $5.26 million by purchasing 90,340 shares of Newmont Corporation in the second quarter.
• Despite a strong performance, insider sales have been notable, with executives Peter Toth and Brian Tabolt selling a combined total of over 10,000 shares in recent months.
• Analysts recently varied in their ratings for Newmont, with some upgrading it to a "buy" while others maintained a "hold," contributing to a consensus rating of "Moderate Buy" and an average price target of $73.38.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 90,340 shares of the basic materials company's stock, valued at approximately $5,263,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Perigon Wealth Management LLC raised its holdings in shares of Newmont by 20.5% in the 2nd quarter. Perigon Wealth Management LLC now owns 28,830 shares of the basic materials company's stock worth $1,680,000 after purchasing an additional 4,897 shares in the last quarter. TigerOak Management L.L.C. bought a new stake in shares of Newmont in the 2nd quarter worth approximately $233,000. First City Capital Management Inc. raised its holdings in shares of Newmont by 8.8% in the 2nd quarter. First City Capital Management Inc. now owns 4,950 shares of the basic materials company's stock worth $288,000 after purchasing an additional 400 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Newmont by 198.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 12,170 shares of the basic materials company's stock worth $709,000 after purchasing an additional 8,091 shares in the last quarter. Finally, Mather Group LLC. raised its holdings in shares of Newmont by 18.3% in the 2nd quarter. Mather Group LLC. now owns 54,363 shares of the basic materials company's stock worth $3,167,000 after purchasing an additional 8,396 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,246 shares of company stock worth $1,253,559. 0.05% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on NEM shares. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Raymond James Financial boosted their price target on shares of Newmont from $77.00 to $84.00 and gave the company an "outperform" rating in a report on Tuesday. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Finally, The Goldman Sachs Group boosted their price target on shares of Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a report on Thursday, September 11th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and an average price target of $73.38.

Newmont Price Performance

NYSE NEM opened at $83.45 on Thursday. 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 company has a fifty day simple moving average of $70.97 and a 200 day simple moving average of $59.15. The company has a market cap of $91.66 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.98 and a beta of 0.34. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $86.62.

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

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio is presently 17.95%.

Newmont Company Profile

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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.