Fintel reports that on July 25, 2023, Argus Research maintained coverage of Newmont (NYSE:NEM) with a Buy recommendation.
Analyst Price Forecast Suggests 35.53% Upside
As of July 5, 2023, the average one-year price target for Newmont is 59.10. The forecasts range from a low of 44.25 to a high of $72.08. The average price target represents an increase of 35.53% from its latest reported closing price of 43.61.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Newmont is 11,905MM, an increase of 6.33%. The projected annual non-GAAP EPS is 1.98.
What is the Fund Sentiment?
There are 1928 funds or institutions reporting positions in Newmont. This is an increase of 16 owner(s) or 0.84% in the last quarter. Average portfolio weight of all funds dedicated to NEM is 0.41%, a decrease of 7.49%. Total shares owned by institutions increased in the last three months by 0.43% to 713,731K shares. 
The put/call ratio of NEM is 0.60, indicating a bullish outlook.
What are Other Shareholders Doing?
Van Eck Associates holds 33,949K shares representing 4.27% ownership of the company. In it's prior filing, the firm reported owning 36,058K shares, representing a decrease of 6.21%. The firm decreased its portfolio allocation in NEM by 13.84% over the last quarter.
GDX - VanEck Vectors Gold Miners ETF holds 29,458K shares representing 3.71% ownership of the company. In it's prior filing, the firm reported owning 31,852K shares, representing a decrease of 8.13%. The firm decreased its portfolio allocation in NEM by 17.22% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 24,582K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 24,137K shares, representing an increase of 1.81%. The firm decreased its portfolio allocation in NEM by 2.33% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 18,521K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 18,349K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in NEM by 2.78% over the last quarter.
First Eagle Investment Management holds 18,430K shares representing 2.32% ownership of the company. In it's prior filing, the firm reported owning 18,397K shares, representing an increase of 0.18%. The firm decreased its portfolio allocation in NEM by 0.05% over the last quarter.
Newmont Background Information
(This description is provided by the company.)
Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
Additional reading:
- SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 2 CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS, INCLU DING OUTLOOK: This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933,
- Q2 2023 Earnings Call
- Excerpt from Newmont’s earnings presentation, dated July 20, 2023.
- Excerpt from the transcript of Newmont’s live webcast presentation, dated July 20, 2023.
- Newmont Reports Second Quarter 2023 Results; Remains on Track to Achieve Full Year Guidance*; Declares $0.40 Second Quarter Dividend
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
