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Scotiabank Adjusts Newmont’s Outlook Amid Mixed Fund Activity
Fintel reports that on October 25, 2024, Scotiabank downgraded their outlook for Newmont (LSE:0R28) from Sector Outperform to Sector Perform.
As of October 22, 2024, the average one-year price target for Newmont is 61.37 GBX/share. Predictions vary, with estimates ranging from a low of 46.96 GBX to a high of 83.10 GBX. This average price target indicates a potential increase of 15.51% from the most recent closing price of 53.14 GBX/share.
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Projected Revenue Decline
The anticipated annual revenue for Newmont is 12,365 MM, reflecting a significant decrease of 27.21%. Meanwhile, the expected non-GAAP EPS stands at 2.41.
Positive Fund Sentiment Despite Downgrade
Currently, there are 1,875 funds or institutions reporting positions in Newmont, which marks an increase of 34 owners or 1.85% from the previous quarter. The average portfolio weight of all funds invested in 0R28 is 0.44%, up by 15.57%. Over the past three months, institutional share ownership climbed 5.86% to 930,250K shares.
Van Eck Associates currently holds 50,918K shares, a 4.45% ownership stake in the company. Their recent filing indicates an increase from 49,629K shares, representing an increase of 2.53%. The firm raised its portfolio allocation in 0R28 by 12.67% over the last quarter.
The GDX – VanEck Vectors Gold Miners ETF has increased its shares to 43,624K, which reflects a 3.81% ownership stake. The prior count was 42,864K shares, translating to an increase of 1.74%, along with a 21.08% rise in portfolio allocation in 0R28 during the last quarter.
The VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 36,485K shares, amounting to 3.19% ownership. This is slightly up from 36,275K shares, an increase of 0.58%, with a 14.26% increase in portfolio allocation in 0R28.
Additionally, VFINX – Vanguard 500 Index Fund Investor Shares now owns 29,595K shares at 2.59% ownership, having grown from 29,044K shares, a rise of 1.86%, with a 12.69% increase in allocation. Lastly, VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 24,702K shares representing 2.16% ownership, down from 25,041K shares, a decrease of 1.37%. The portfolio allocation in 0R28 was increased by 18.97% over the last quarter.
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This story originally appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
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