Fintel reports that on July 10, 2024, CIBC upgraded their outlook for Newmont (NYSE:NEM) from Neutral to Outperformer.
Analyst Price Forecast Suggests 17.95% Upside
As of July 4, 2024, the average one-year price target for Newmont is $51.77/share. The forecasts range from a low of $33.64 to a high of $78.75. The average price target represents an increase of 17.95% from its latest reported closing price of $43.89 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Newmont is 11,605MM, a decrease of 11.79%. The projected annual non-GAAP EPS is 2.17.
What is the Fund Sentiment?
There are 1,818 funds or institutions reporting positions in Newmont. This is an decrease of 52 owner(s) or 2.78% in the last quarter. Average portfolio weight of all funds dedicated to NEM is 0.38%, an increase of 3.30%. Total shares owned by institutions decreased in the last three months by 2.51% to 885,898K shares. 
The put/call ratio of NEM is 0.59, indicating a bullish outlook.
What are Other Shareholders Doing?
Van Eck Associates holds 49,629K shares representing 4.30% ownership of the company. In its prior filing, the firm reported owning 51,290K shares , representing a decrease of 3.35%. The firm decreased its portfolio allocation in NEM by 30.40% over the last quarter.
GDX - VanEck Vectors Gold Miners ETF holds 42,864K shares representing 3.72% ownership of the company. In its prior filing, the firm reported owning 45,004K shares , representing a decrease of 4.99%. The firm decreased its portfolio allocation in NEM by 19.77% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 36,275K shares representing 3.15% ownership of the company. In its prior filing, the firm reported owning 36,197K shares , representing an increase of 0.22%. The firm decreased its portfolio allocation in NEM by 20.89% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 29,044K shares representing 2.52% ownership of the company. In its prior filing, the firm reported owning 28,150K shares , representing an increase of 3.08%. The firm decreased its portfolio allocation in NEM by 21.23% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 25,041K shares representing 2.17% ownership of the company. In its prior filing, the firm reported owning 12,918K shares , representing an increase of 48.41%. The firm increased its portfolio allocation in NEM by 56.71% 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.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
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.
