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Newmont Corporation (NYSE: NEM) At $41.02 Is Worth A Gamble

During the recent session, Newmont Corporation (NYSE:NEM)’s traded shares were 1.4 million, with the beta value of the company hitting 0.36. At the last check today, the stock’s price was $41.02, reflecting an intraday gain of 0.94% or $0.38. The 52-week high for the NEM share is $70.16, that puts it down -71.04 from that peak though still a striking 8.7% gain since the share price plummeted to a 52-week low of $37.45. The company’s market capitalization is $32.01B, and the average intraday trading volume over the past 10 days was 8.47 million shares, and the average trade volume was 8.56 million shares over the past three months.

Newmont Corporation (NEM) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.60. NEM has a Sell rating from 0 analyst(s) out of 22 analysts who have looked at this stock. 9 analyst(s) recommend to Hold the stock while 1 suggest Overweight, and 10 recommend a Buy rating for it. 2 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.73.

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Newmont Corporation (NYSE:NEM) trade information

Newmont Corporation (NEM) registered a 0.94% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 0.94% in intraday trading to $41.02 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -6.04%, and it has moved by -15.02% in 30 days. Based on these gigs, the overall price performance for the year is -41.01%. The short interest in Newmont Corporation (NYSE:NEM) is 16.69 million shares and it means that shorts have 2.05 day(s) to cover.

The consensus price target of analysts on Wall Street is $58.00, which implies an increase of 29.28% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $42.68 and $68.96 respectively. As a result, NEM is trading at a discount of -68.11% off the target high and -4.05% off the low.

Newmont Corporation (NEM) estimates and forecasts

Statistics show that Newmont Corporation has outperformed its competitors in share price, compared to the industry in which it operates. Newmont Corporation (NEM) shares have gone down -11.31% during the last six months, with a year-to-date growth rate more than the industry average at 30.81% against 10.10. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 17.70% this quarter and then jump 159.50% in the quarter after that. In the rating firms’ projections, revenue will increase 6.40% compared to the previous financial year.

Revenue for the current quarter is expected to be $4.11 billion as predicted by 2 analyst(s). Meanwhile, a consensus of 1 analyst(s) estimates revenue growth to $4.71 billion by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $4.08 billion and $3.56 billion respectively. In this case, analysts expect current quarter sales to grow by 0.80% and then jump by 32.30% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -20.00%. While earnings are projected to return -141.80% in 2023.

NEM Dividends

Newmont Corporation is due to release its next quarterly earnings between July 24 and July 28. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Newmont Corporation is 1.60, with the dividend yield indicating at 3.94 percent, continuing the trend of increasing dividends in recent years.

Newmont Corporation (NYSE:NEM)’s Major holders

Newmont Corporation insiders own 0.11% of total outstanding shares while institutional holders control 81.62%, with the float percentage being 81.71%. Blackrock Inc. is the largest shareholder of the company, while 1,675 institutions own stock in it. As of Mar 30, 2023, the company held over 95.02 million shares (or 11.96% of all shares), a total value of $3.86 billion in shares.

The next largest institutional holding, with 70.14 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 8.83% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $2.85 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Newmont Corporation (NEM) shares are VanEck ETF Trust-VanEck Gold Miners ETF and Vanguard Total Stock Market Index Fund. Data provided on Mar 30, 2023 indicates that VanEck ETF Trust-VanEck Gold Miners ETF owns about 29.46 million shares. This amounts to just over 3.71 percent of the company’s overall shares, with a $1.2 billion market value. The same data shows that the other fund manager holds slightly less at 24.14 million, or about 3.04% of the stock, which is worth about $980.45 million.

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