NewmontNEM
Market Cap: $58B
About: Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 6.9 million ounces of gold in 2024. However, after buying Newcrest, Newmont is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at end December 2023.
Employees: 21,700
Fund manager confidence
Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)
74% more first-time investments, than exits
New positions opened: 167 | Existing positions closed: 96
26% more repeat investments, than reductions
Existing positions increased: 434 | Existing positions reduced: 345
20% more capital invested
Capital invested by funds: $27.9B [Q1] → $33.5B (+$5.54B) [Q2]
13% more funds holding in top 10
Funds holding in top 10: 23 [Q1] → 26 (+3) [Q2]
7% more funds holding
Funds holding: 1,020 [Q1] → 1,091 (+71) [Q2]
1.81% more ownership
Funds ownership: 67.51% [Q1] → 69.32% (+1.81%) [Q2]
27% less call options, than puts
Call options by funds: $1.11B | Put options by funds: $1.52B
Research analyst outlook
7 Wall Street Analysts provided 1 year price targets over the past 3 months
7 analyst ratings
Argus Research David Coleman 17% 1-year accuracy 1 / 6 met price target | 15%upside $58 | Buy Upgraded | 29 Aug 2024 |
Scotiabank Tanya Jakusconek 61% 1-year accuracy 11 / 18 met price target | 17%upside $59 | Sector Outperform Upgraded | 19 Aug 2024 |
BMO Capital Jackie Przybylowski 100% 1-year accuracy 19 / 19 met price target | 13%upside $57 | Outperform Maintained | 25 Jul 2024 |
Jefferies Matthew Murphy 67% 1-year accuracy 4 / 6 met price target | 7%upside $54 | Buy Maintained | 12 Jul 2024 |
CIBC Anita Soni 83% 1-year accuracy 5 / 6 met price target | 21%upside $61 | Outperformer Upgraded | 10 Jul 2024 |
Financial journalist opinion
Based on 24 articles about NEM published over the past 30 days