Zurcher Kantonalbank Zurich Cantonalbank Has $32.19 Million Holdings in Newmont Co. (NYSE:NEM)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of Newmont Co. (NYSE:NEM) by 5.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 602,212 shares of the basic materials company’s stock after selling 37,126 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Newmont worth $32,188,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Avior Wealth Management LLC lifted its holdings in Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares during the last quarter. Hoese & Co LLP acquired a new stake in shares of Newmont in the third quarter worth $27,000. Prospera Private Wealth LLC bought a new stake in shares of Newmont during the 3rd quarter worth $28,000. Highline Wealth Partners LLC acquired a new position in Newmont in the 3rd quarter valued at $32,000. Finally, Meeder Asset Management Inc. bought a new position in Newmont in the 2nd quarter worth $27,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the topic of several research analyst reports. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Raymond James dropped their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $59.00 to $55.00 in a research report on Friday, October 25th. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Finally, Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is currently owned by insiders.

Newmont Stock Up 0.1 %

Shares of NYSE:NEM opened at $42.04 on Friday. The company’s fifty day moving average is $49.35 and its 200-day moving average is $47.43. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a market capitalization of $47.86 billion, a PE ratio of -27.66, a P/E/G ratio of 0.36 and a beta of 0.51.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s quarterly revenue was up 84.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. Equities research analysts predict that Newmont Co. will post 3.08 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.38%. Newmont’s dividend payout ratio is -65.79%.

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.