Zurich Insurance Group Ltd FI Invests $98.01 Million in Newmont Co. (NYSE:NEM)

Zurich Insurance Group Ltd FI bought a new position in shares of Newmont Co. (NYSE:NEM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,833,694 shares of the basic materials company’s stock, valued at approximately $98,011,000.

A number of other institutional investors also recently modified their holdings of NEM. Waverton Investment Management Ltd raised its position in Newmont by 14.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after buying an additional 65,075 shares during the last quarter. Red Cedar Investment Management LLC purchased a new stake in Newmont in the 3rd quarter valued at $1,263,000. Bridgewater Associates LP raised its position in Newmont by 1,947.6% in the 3rd quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock valued at $38,035,000 after buying an additional 676,838 shares during the last quarter. Herr Investment Group LLC purchased a new stake in Newmont in the 2nd quarter valued at $419,000. Finally, Truist Financial Corp raised its position in Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after buying an additional 11,276 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 3.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harry M. Iv Conger acquired 9,498 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares in the company, valued at $611,090.70. This represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on NEM. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Scotiabank downgraded 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 note on Friday, October 25th. Finally, Raymond James reduced their price objective on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Performance

NEM stock opened at $41.09 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock has a fifty day moving average of $47.97 and a 200-day moving average of $47.37.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, sell-side analysts forecast that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed 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 is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.43%. Newmont’s dividend payout ratio (DPR) 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.