Jefferies Maintains Newmont (NEM) Hold Recommendation

Fintel reports that on October 4, 2023, Jefferies maintained coverage of Newmont (NYSE:NEM) with a Hold recommendation.

Analyst Price Forecast Suggests 58.46% Upside

As of August 31, 2023, the average one-year price target for Newmont is 55.79. The forecasts range from a low of 42.42 to a high of $71.98. The average price target represents an increase of 58.46% from its latest reported closing price of 35.21.

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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 1834 funds or institutions reporting positions in Newmont. This is a decrease of 103 owner(s) or 5.32% in the last quarter. Average portfolio weight of all funds dedicated to NEM is 0.44%, an increase of 6.73%. Total shares owned by institutions increased in the last three months by 1.30% to 721,180K shares. The put/call ratio of NEM is 0.49, indicating a bullish outlook.

What are Other Shareholders Doing?

Van Eck Associates holds 33,368K shares representing 4.19% ownership of the company. In it's prior filing, the firm reported owning 33,949K shares, representing a decrease of 1.74%. The firm decreased its portfolio allocation in NEM by 9.87% over the last quarter.

GDX - VanEck Vectors Gold Miners ETF holds 28,859K shares representing 3.63% ownership of the company. In it's prior filing, the firm reported owning 29,458K shares, representing a decrease of 2.08%. The firm decreased its portfolio allocation in NEM by 0.87% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 24,764K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 24,582K shares, representing an increase of 0.73%. The firm decreased its portfolio allocation in NEM by 19.11% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 18,922K shares representing 2.38% ownership of the company. In it's prior filing, the firm reported owning 18,521K shares, representing an increase of 2.12%. The firm decreased its portfolio allocation in NEM by 19.48% over the last quarter.

Deutsche Bank Ag\ holds 18,903K shares representing 2.37% ownership of the company. In it's prior filing, the firm reported owning 17,969K shares, representing an increase of 4.94%. The firm decreased its portfolio allocation in NEM by 11.91% 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.

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This story originally appeared on Fintel.

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