Market cap of Newmont Corporation [NEM] reaches 33.27B – now what?

Newmont Corporation [NYSE: NEM] stock went on an upward path that rose over 0.81% on Monday, amounting to a one-week price decrease of less than -2.36%. The company report on November 1, 2022 that Newmont Announces Third Quarter 2022 Results.

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Newmont remains on track to achieve full-year guidance with stable third quarter production from diverse, global portfolio; focused on delivering long-term value to shareholders.

Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced third quarter 2022 results.

Over the last 12 months, NEM stock dropped by -26.69%. The one-year Newmont Corporation stock forecast points to a potential upside of 23.97. The average equity rating for NEM stock is currently 2.60, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $33.27 billion, with 794.00 million shares outstanding and 792.34 million shares in the current float. Compared to the average trading volume of 9.03M shares, NEM stock reached a trading volume of 6173948 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Newmont Corporation [NEM]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NEM shares is $54.35 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NEM stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Newmont Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 12, 2022. The new note on the price target was released on September 06, 2022, representing the official price target for Newmont Corporation stock. On July 27, 2022, analysts decreased their price target for NEM shares from 66 to 60.

The Average True Range (ATR) for Newmont Corporation is set at 1.55, with the Price to Sales ratio for NEM stock in the period of the last 12 months amounting to 2.69. The Price to Book ratio for the last quarter was 1.55, with the Price to Cash per share for the same quarter was set at 4.73.

NEM Stock Performance Analysis:

Newmont Corporation [NEM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.36. With this latest performance, NEM shares dropped by -3.00% in over the last four-week period, additionally sinking by -40.05% over the last 6 months – not to mention a drop of -26.69% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NEM stock in for the last two-week period is set at 48.06, with the RSI for the last a single of trading hit 49.25, and the three-weeks RSI is set at 46.90 for Newmont Corporation [NEM]. The present Moving Average for the last 50 days of trading for this stock 42.15, while it was recorded at 40.27 for the last single week of trading, and 59.02 for the last 200 days.

Insight into Newmont Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Newmont Corporation [NEM] shares currently have an operating margin of +15.72 and a Gross Margin at +19.49. Newmont Corporation’s Net Margin is presently recorded at +9.10.

Return on Equity for this stock inclined to 4.93, with Return on Assets sitting at 2.71.

Newmont Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.70.

Newmont Corporation [NEM] Insider Position Details

There are presently around $27,016 million, or 85.00% of NEM stock, in the hands of institutional investors. The top three institutional holders of NEM stocks are: BLACKROCK INC. with ownership of 93,952,017, which is approximately 1.747% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 67,874,259 shares of the stock with an approximate value of $2.8 billion in NEM stocks shares; and STATE STREET CORP, currently with $1.67 billion in NEM stock with ownership of nearly -0.363% of the company’s market capitalization.

570 institutional holders increased their position in Newmont Corporation [NYSE:NEM] by around 52,988,586 shares. Additionally, 501 investors decreased positions by around 31,188,120 shares, while 135 investors held positions by with 569,653,572 shares. The mentioned changes placed institutional holdings at 653,830,278 shares, according to the latest SEC report filing. NEM stock had 125 new institutional investments in for a total of 8,897,135 shares, while 152 institutional investors sold positions of 4,811,185 shares during the same period.


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