CLSA Begins Coverage on Newmont (SNSE:NEMCL) with Underperform Rating

Published On: December 1, 2024 2:27 am

Newmont Faces Challenges as CLSA Issues Underperform Rating

Overview of Fund Sentiment Towards Newmont

On November 29, 2024, CLSA began covering Newmont (SNSE:NEMCL) with an Underperform recommendation. Currently, 1,973 funds and institutions hold positions in Newmont, an increase of 106, or 5.68%, from the previous quarter. The average portfolio weight for all funds in NEMCL is 0.46%, which has risen by 9.42%. However, total institutional shares owned have decreased by 1.03% in the last three months, bringing the total to 939,995K shares.

Recent Activity Among Major Shareholders

CL:NEMCL / Newmont Corporation Shares Held by Institutions

BlackRock currently holds 120,301K shares, which constitutes 10.61% ownership of Newmont. This reflects a modest increase from their previous holding of 119,251K shares, representing a growth of 0.87%. Over the last quarter, BlackRock escalated its portfolio allocation in NEMCL by 19.44%.

Conversely, Van Eck Associates holds 48,950K shares, making up 4.32% of the company. In earlier reports, they noted 50,918K shares, leading to a decrease of 4.02%. Despite this reduction, they raised their portfolio allocation in NEMCL by 4.77% in the last quarter.

The VanEck Vectors Gold Miners ETF (GDX) has 41,436K shares, representing 3.66% ownership. This is down from a previous allocation of 43,624K shares, a drop of 5.28%. However, the fund increased its portfolio allocation by 4.41% over the past quarter.

Vanguard’s Total Stock Market Index Fund (VTSMX) owns 36,545K shares, or 3.22% of Newmont. This shows a small increase from their last reported 36,485K shares, amounting to a rise of 0.16%, with a 20.10% increase in portfolio allocation in NEMCL noted last quarter.

Finally, the Vanguard 500 Index Fund (VFINX) holds 30,052K shares, accounting for 2.65% ownership. This is up from 29,595K shares, reflecting an increase of 1.52% and a 19.29% boost in their portfolio allocation for NEMCL last quarter.

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