Newmont Corporation (NYSE:NEM) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Newmont Corporation by 15.3%, acquiring an additional 146,692 shares, bringing its total ownership to about 1,105,730 shares valued at approximately $53.4 million.
• Newmont reported earnings of $1.43 per share for the quarter, significantly beating analysts' expectations of $0.95, and revenue of $5.32 billion, reflecting a 20.8% increase year-over-year.
• The company declared a quarterly dividend of $0.25 per share, with a payment date set for September 29th, resulting in an annualized yield of 1.52%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 15.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,105,730 shares of the basic materials company's stock after acquiring an additional 146,692 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.10% of Newmont worth $53,385,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Newmont by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock valued at $919,484,000 after buying an additional 1,213,397 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Newmont by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock valued at $773,159,000 after buying an additional 1,306,783 shares during the last quarter. Northern Trust Corp boosted its stake in Newmont by 11.5% during the fourth quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock valued at $474,263,000 after buying an additional 1,309,177 shares during the last quarter. Invesco Ltd. boosted its stake in Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after buying an additional 2,028,150 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Newmont by 16.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after buying an additional 1,331,278 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Trading Down 0.3%

NEM traded down $0.19 during trading on Thursday, hitting $62.13. 4,051,092 shares of the stock were exchanged, compared to its average volume of 12,152,542. The firm has a 50 day simple moving average of $57.73 and a 200 day simple moving average of $50.97. The firm has a market cap of $68.24 billion, a price-to-earnings ratio of 11.18, a P/E/G ratio of 0.78 and a beta of 0.33. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $66.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. During the same period last year, the business posted $0.72 EPS. As a group, equities analysts expect 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. Shareholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.61%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Analysts Set New Price Targets

NEM has been the subject of a number of research reports. Royal Bank Of Canada increased their price target on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Stifel Canada raised Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Scotiabank upped their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Monday. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $64.58.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the sale, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. This trade represents a 4.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $176,250.00. Following the completion of the sale, the executive vice president directly owned 74,526 shares of the company's stock, valued at $4,378,402.50. The trade was a 3.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,154 shares of company stock valued at $572,889 in the last three months. Insiders own 0.05% of the company's stock.

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.