Fintel reports that on July 21, 2023, CIBC downgraded their outlook for Newmont (NYSE:NEM) from Outperformer to Neutral.
Analyst Price Forecast Suggests 36.78% 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 36.78% from its latest reported closing price of 43.21.
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 1929 funds or institutions reporting positions in Newmont. This is an increase of 20 owner(s) or 1.05% in the last quarter. Average portfolio weight of all funds dedicated to NEM is 0.41%, a decrease of 13.66%. Total shares owned by institutions increased in the last three months by 77.35% to 1,260,762K shares. The put/call ratio of NEM is 0.60, indicating a bullish outlook.
What are Other Shareholders Doing?
Bank Julius Baer & Co. Ltd, Zurich holds 547,514K shares representing 68.79% ownership of the company. In it’s prior filing, the firm reported owning 538K shares, representing an increase of 99.90%. The firm decreased its portfolio allocation in NEM by 16.27% over the last quarter.
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 3.70% 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.
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.
This article originally appeared on Fintel
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