The Vanguard Group, Inc. recently announced the acquisition of new stake in Newmont Corp (NYSE:NEM). The institutional investor has increased its shareholding in the Basic Materials company by 18.49% to 79.14 million shares with purchase of 12.35 million shares. This fresh investment now brings its stake to 6.87% valued currently at $3.18 billion. In addition, Charles Schwab Investment Managem raised its holdings by 0.48 million to 17.0 million shares. And Geode Capital Management LLC has lifted its position by 1.73% or 0.25 million shares – to 14.86 million shares.
With over 8.06 million Newmont Corp (NEM) shares trading Tuesday and a closing price of $40.91 on the day, the dollar volume was approximately $329.86 million. The shares have shown a negative half year performance of -4.95% and its price on 01/02/24 lost nearly -1.16%. Currently, there are 1.15B common shares owned by the public and among those 1.15B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for NEM have a consensus price objective of $49.89. The analysts have set the share’s price value over the next 12 months at a high of $62.00 and a low of $39.00. The average price target is 18.0% above its recent price level and a downside to the estimated low will see the stock lose -4.9% over that period. But an upside of 34.02% will see the stock hit the forecast high price target while median target price for the stock is $49.85.
Insiders at the company have transacted a total of 75 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 541,440 shares. Insider sales of the common stock occurred on 45 occasions, with total insider shares sold totaling 222,790 shares.
The top 3 mutual fund holders in Newmont Corp are VanEck Gold Miners ETF, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund. VanEck Gold Miners ETF owns 44.46 million shares of the company’s stock, all valued at over $1.79 billion. Vanguard Total Stock Market ETF bought 50184.0 shares to see its total holdings expand to 24.92 million shares valued at over $1.0 billion and representing 2.16% of the shares outstanding. Vanguard 500 Index Fund bought 84276.0 shares to bring its total holdings to over 19.18 million shares at a value of $771.0 million. Vanguard 500 Index Fund now owns shares totaling to 1.67% of the shares outstanding.
Shares of Newmont Corp (NYSE: NEM) opened at $41.26, down -$0.13 from a prior closing price of $41.39. However, the script later moved the day high at 41.74, down -1.16%. The company’s stock has a 5-day price change of -2.73% and 15.11% over the past three months. NEM shares are trading -1.16% year to date (YTD), with the 12-month market performance down to -13.62% lower. It has a 12-month low price of $33.58 and touched a high of $55.41 over the same period. NEM has an average intraday trading volume of 15.57 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.56%, 5.55%, and -2.39% respectively.
Institutional ownership of Newmont Corp (NYSE: NEM) shares accounts for 57.97% of the company’s 1.15B shares outstanding. Mutual fund holders own 17.61%, while other institutional holders and individual stakeholders account for 40.92% and 0.47% respectively.
It has a market capitalization of $47.15B and a beta (3y monthly) value of 0.51. The earnings-per-share (ttm) stands at -$1.03. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.65% over the week and 2.36% over the month.
Analysts forecast that Newmont Corp (NEM) will achieve an EPS of $0.83 for the current quarter, $0.67 for the next quarter and $2.78 for 2024. The lowest estimate earnings-per-share for the quarter is $0.69 while analysts give the company a high EPS estimate of $0.95. Comparatively, EPS for the current quarter was $0.6 a year ago. Earnings per share for the fiscal year are expected to decrease by -12.41%, and 51.14% over the next financial year. EPS should grow at an annualized rate of 11.75% over the next five years, compared to -22.45% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Newmont Corp (NEM) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 7 of the 24 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NEM, a number of firms have released research notes about the stock. Macquarie stated their Outperform rating for the stock in a research note on November 21, 2023, with the firm’s price target at $45.
