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Investor Confidence Is Shaken After Newmont Corporation (NYSE: NEM) Share Prices Dropped By -$0.24

Newmont Corporation (NYSE:NEM) has a beta value of 0.28 and has seen 4.5 million shares traded in the last trading session. The company, currently valued at $41.69B, closed the last trade at $53.39 per share which meant it lost -$0.24 on the day or -0.45% during that session. The NEM stock price is -61.77% off its 52-week high price of $86.37 and 29.86% above the 52-week low of $37.45. If we look at the company’s 10-day average daily trading volume, we find that it stood at 6.23 million shares traded. The 3-month trading volume is 7.37 million shares.

Newmont Corporation (NYSE:NEM) trade information

Sporting -0.45% in the red in last session, the stock has traded in the green over the last five days, with the highest price hit on Tuesday, 01/24/23 when the NEM stock price touched $53.39 or saw a rise of 11.14%. Year-to-date, Newmont Corporation shares have moved 13.11%, while the 5-day performance has seen it change 1.75%. Over the past 30 days, the shares of Newmont Corporation (NYSE:NEM) have changed 12.83%. Short interest in the company has seen 12.74 million shares shorted with days to cover at 1.32.

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Wall Street analysts have a consensus price target for the stock at $54.52, which means that the shares’ value could jump 2.07% from current levels. The projected low price target is $38.55 while the price target rests at a high of $65.00. In that case, then, we find that the current price level is -21.75% off the targeted high while a plunge would see the stock lose 27.8% from current levels.

Newmont Corporation (NEM) estimates and forecasts

Figures show that Newmont Corporation shares have underperformed across the wider relevant industry. The company’s shares have gained 19.74% over the past 6 months, with this year growth rate of -38.85%, compared to 7.80% for the industry. Other than that, the company has, however, lowered its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are -35.10% and -1.00% for the next quarter. Revenue growth from the last financial year stood is estimated to be 7.60%.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 39.30% over the past 5 years.

NEM Dividends

Newmont Corporation is expected to release its next earnings report between February 22 and February 27 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue. The forward dividend is 2.20 at a share yield of 4.12%. The company’s dividend yield has gone up over the past 12 months.

Newmont Corporation (NYSE:NEM)’s Major holders

Insiders own 0.17% of the company shares, while shares held by institutions stand at 84.78% with a share float percentage of 84.93%. Investors are also buoyed by the number of investors in a company, with Newmont Corporation having a total of 1,657 institutions that hold shares in the company. The top two institutional holders are Blackrock Inc. with over 93.95 million shares worth more than $5.61 billion. As of Jun 29, 2022, Blackrock Inc. held 11.84% of shares outstanding.

The other major institutional holder is Vanguard Group, Inc. (The), with the holding of over 67.87 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $4.05 billion and represent 8.55% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are VanEck ETF Trust-VanEck Gold Miners ETF and Vanguard Total Stock Market Index Fund. As of Sep 29, 2022, the former fund manager holds about 3.62% shares in the company for having 28.73 million shares of worth $1.21 billion while later fund manager owns 23.37 million shares of worth $1.39 billion as of Jun 29, 2022, which makes it owner of about 2.94% of company’s outstanding stock.

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