Newmont Receives Underperform Rating Amid Mixed Fund Sentiment

CLSA begins coverage of Newmont, advising caution after a significant price target forecast.

Price Target Indicates Potential Upside of 42.94%

As of October 22, 2024, analysts set the average one-year price target for Newmont at 57.17 €/share. Projections vary widely, from a low of 43.75 € to a high of 77.41 €. This average suggests a possible increase of 42.94% from the stock’s recent closing price of 40.00 € per share.

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The expected annual revenue for Newmont stands at 12,365 MM, reflecting a decline of 27.21%. Analysts predict a non-GAAP EPS of 2.41.

Fund Sentiment Analysis

Currently, 1,973 funds or institutions hold positions in Newmont. This number has risen by 106, or 5.68%, in the last quarter. The average allocation of all funds dedicated to NMM is now 0.46%, marking a 9.42% increase. Institutional ownership rose by 1.62% over the past three months, totaling 939,995K shares.

Institutional Activity Overview

BlackRock maintains 120,301K shares, accounting for 10.61% ownership, up from 119,251K shares previously—an increase of 0.87%. The firm enhanced its portfolio allocation in NMM by 19.44% last quarter.

Van Eck Associates holds 48,950K shares, representing 4.32% ownership. Previously, they reported 50,918K shares, reflecting a decrease of 4.02% while boosting their allocation in NMM by 4.77% over the past quarter.

The GDX – VanEck Vectors Gold Miners ETF owns 41,436K shares (3.66% ownership), down from 43,624K shares, marking a decrease of 5.28%. Still, they increased their portfolio allocation in NMM by 4.41% last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 36,545K shares for a 3.22% ownership stake, up from 36,485K shares (an increase of 0.16%), and they expanded their portfolio allocation in NMM by 20.10% last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares owns 30,052K shares, comprising 2.65% ownership, an increase from 29,595K shares previously (up 1.52%). Their allocation in NMM rose by 19.29% in the last quarter.

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This article originally appeared on Fintel.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.