Newmont Corporation (NYSE: NEM) stock fell -2.80% on Thursday to $40.64 against a previous-day closing price of $41.81. With 10.22 million shares changed hands, the volume of the stock remained heavier than its average volume of 8.54 million shares. During the session, the Gold company that operates in wider Basic Materials sector, reached to the highest price of $41.20 whereas the lowest price it dropped to was $40.61. The 52-week range on NEM shows that it touched its highest point at $70.16 and its lowest point at $37.45 during that stretch. It currently has a 1-year price target of $58.15. With its current market cap of 32.01 billion, NEM has annualized dividend of $1.60 while the current yield stands at 3.94%. Beta for the stock currently stands at 0.36.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NEM was down-trending over the past week, with a drop of -6.08%, but this was down by -13.81% over a month. Three-month performance dropped to -6.66% while six-month performance fell -11.90%. The stock lost -41.12% in the past year, while it has lost -13.90% so far this year. A look at the trailing 12-month EPS for NEM yields -0.69 with Next year EPS estimates of 2.61. For the next quarter, that number is 0.54. This implies an EPS growth rate of -141.80% for this year and 6.65% for next year.
Float and Shares Shorts:
At present, 794.00 million NEM shares are outstanding with a float of 792.44 million shares on hand for trading. On Apr 27, 2023, short shares totaled 16.69 million, which was 2.10% higher than short shares on Mar 30, 2023. In addition to Mr. Thomas Ronald Palmer as the firm’s Pres, CEO & Director, Mr. Robert D. Atkinson serves as its Exec. VP & COO.
Institutional Ownership:
Through their ownership of 81.62% of NEM’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 52.15% of NEM, in contrast to 29.87% held by mutual funds. Shares owned by individuals account for 0.67%. As the largest shareholder in NEM with 8.40% of the stake, The Vanguard Group, Inc. holds 66,685,136 shares worth 66,685,136. A second-largest stockholder of NEM, BlackRock Fund Advisors, holds 51,621,970 shares, controlling over 6.50% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in NEM, holding 40,231,950 shares or 5.07% stake. With a 3.58% stake in NEM, the VanEck Gold Miners ETF is the largest stakeholder. A total of 28,396,563 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.11% of NEM stock, is the second-largest Mutual Fund holder. It holds 24,671,994 shares valued at 1.17 billion. Vanguard 500 Index Fund holds 2.35% of the stake in NEM, owning 18,630,604 shares worth 883.09 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, NEM reported revenue of $3.06B and operating income of $562.00M. The EBITDA in the recently reported quarter was $1.02B and diluted EPS was $0.49.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NEM since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With NEM analysts setting a high price target of $68.96 and a low target of $43.01, the average target price over the next 12 months is $58.02. Based on these targets, NEM could surge 69.69% to reach the target high and rise by 5.83% to reach the target low. Reaching the average price target will result in a growth of 42.77% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded NEM stock several times over the past three months with 21 Buys and 14 Sells. In these transactions, 277,333 shares were bought while 56,851 shares were sold. The number of buy transactions has increased to 31 while that of sell transactions has risen to 57 over the past year. The total number of shares bought during that period was 743,652 while 384,629 shares were sold.
