Newmont Corporation [NEM] moved down -0.46: Why It’s Important

Newmont Corporation [NYSE: NEM] loss -0.46% or -0.2 points to close at $43.34 with a heavy trading volume of 8276256 shares. The company report on February 23, 2023 that Newmont Announces Increased 2022 Mineral Reserves of 96 Million Gold Ounces and 68 Million Gold Equivalent Ounces.

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Newmont Corporation (NYSE: NEM, TSX: NGT) reported higher gold Mineral Reserves (“reserves”) of 96.1 million attributable ounces for 2022 compared to the Company’s 92.8 million ounces at the end of 2021. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.

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It opened the trading session at $43.71, the shares rose to $43.93 and dropped to $43.08, the range by which the price of stock traded the whole day. The daily chart for NEM points out that the company has recorded -3.99% loss over the past six months. However, it is still -15.73% lower than its most recent low trading price.

If we look at the average trading volume of 7.05M shares, NEM reached to a volume of 8276256 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about 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 $57.36 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 3.00. 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.

TD Securities have made an estimate for Newmont Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 24, 2023. While these analysts kept the previous recommendation, UBS dropped their target price from $59 to $53. The new note on the price target was released on February 14, 2023, representing the official price target for Newmont Corporation stock. Previously, the target price had yet another raise to $60, while Exane BNP Paribas analysts kept a Outperform rating on NEM stock. On January 19, 2023, analysts increased their price target for NEM shares from 50 to 56.

The Average True Range (ATR) for Newmont Corporation is set at 1.50, with the Price to Sales ratio for NEM stock in the period of the last 12 months amounting to 2.89. The Price to Book ratio for the last quarter was 1.79, with the Price to Cash per share for the same quarter was set at 4.66.

Trading performance analysis for NEM stock

Newmont Corporation [NEM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.58. With this latest performance, NEM shares dropped by -19.93% in over the last four-week period, additionally sinking by -3.99% over the last 6 months – not to mention a drop of -35.04% 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 27.61, with the RSI for the last a single of trading hit 19.05, and the three-weeks RSI is set at 34.00 for Newmont Corporation [NEM]. The present Moving Average for the last 50 days of trading for this stock 49.42, while it was recorded at 44.11 for the last single week of trading, and 50.05 for the last 200 days.

Newmont Corporation [NEM]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Newmont Corporation [NEM] shares currently have an operating margin of +13.57 and a Gross Margin at +17.94. Newmont Corporation’s Net Margin is presently recorded at -3.84.

Return on Equity for this stock declined to -2.22, with Return on Assets sitting at -1.16.

Newmont Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.60 and a Current Ratio set at 2.20.

An analysis of insider ownership at Newmont Corporation [NEM]

There are presently around $27,043 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 92,124,821, which is approximately 1.104% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 69,210,466 shares of the stock with an approximate value of $3.0 billion in NEM stocks shares; and STATE STREET CORP, currently with $1.75 billion in NEM stock with ownership of nearly -0.705% of the company’s market capitalization.

Positions in Newmont Corporation stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 571 institutional holders increased their position in Newmont Corporation [NYSE:NEM] by around 36,620,759 shares. Additionally, 495 investors decreased positions by around 41,861,484 shares, while 130 investors held positions by with 545,495,161 shares. The mentioned changes placed institutional holdings at 623,977,404 shares, according to the latest SEC report filing. NEM stock had 173 new institutional investments in for a total of 5,620,415 shares, while 98 institutional investors sold positions of 6,082,563 shares during the same period.


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