Newmont Corporation [NYSE: NEM] stock went on a downward path that fall over -1.53% on Friday, amounting to a one-week price decrease of less than -4.66%. The company report on November 22, 2022 that Newmont Announces 2023 Guidance and Fourth Quarter 2022 Results Conference Call.
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Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that it will release its 2023 guidance and longer-term outlook, along with full year and fourth quarter 2022 operations and financial results, on Thursday, February 23, 2023. Newmont will hold a conference call at 10 a.m. Eastern Standard Time (8:00 a.m. Mountain Standard Time) the same day, which will be available on the Company’s website. Positioning guidance alongside the fourth quarter results going forward aligns with industry timing, and will allow for more relevant macro-economic conditions to be considered for the upcoming year.
Over the last 12 months, NEM stock dropped by -17.45%. The one-year Newmont Corporation stock forecast points to a potential upside of 13.53. 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 $37.40 billion, with 794.00 million shares outstanding and 792.44 million shares in the current float. Compared to the average trading volume of 8.61M shares, NEM stock reached a trading volume of 9173124 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 $53.66 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 1.56, with the Price to Sales ratio for NEM stock in the period of the last 12 months amounting to 3.09. The Price to Book ratio for the last quarter was 1.74, 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 -4.66. With this latest performance, NEM shares gained by 7.09% in over the last four-week period, additionally sinking by -30.59% over the last 6 months – not to mention a drop of -17.45% 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 53.74, with the RSI for the last a single of trading hit 50.50, and the three-weeks RSI is set at 54.06 for Newmont Corporation [NEM]. The present Moving Average for the last 50 days of trading for this stock 43.91, while it was recorded at 47.06 for the last single week of trading, and 57.03 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 $29,212 million, or 82.30% of NEM stock, in the hands of institutional investors. The top three institutional holders of NEM stocks are: BLACKROCK INC. with ownership of 91,118,622, which is approximately -3.016% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 68,435,452 shares of the stock with an approximate value of $3.18 billion in NEM stocks shares; and STATE STREET CORP, currently with $1.88 billion in NEM stock with ownership of nearly 0.248% of the company’s market capitalization.
Positions in Newmont Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 572 institutional holders increased their position in Newmont Corporation [NYSE:NEM] by around 60,225,059 shares. Additionally, 513 investors decreased positions by around 81,266,791 shares, while 116 investors held positions by with 488,085,545 shares. The mentioned changes placed institutional holdings at 629,577,395 shares, according to the latest SEC report filing. NEM stock had 111 new institutional investments in for a total of 5,335,607 shares, while 172 institutional investors sold positions of 40,426,562 shares during the same period.