Newmont
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 5.5 million ounces of gold in 2024 from its core mines and 6.8 million in total. It 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 the end of December 2023.
Employees: 21,700
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
125% more first-time investments, than exits
New positions opened: 198 | Existing positions closed: 88
65% more funds holding in top 10
Funds holding in top 10: 26 [Q2] → 43 (+17) [Q3]
24% more capital invested
Capital invested by funds: $34B [Q2] → $42.1B (+$8.16B) [Q3]
10% more funds holding
Funds holding: 1,104 [Q2] → 1,214 (+110) [Q3]
1% less repeat investments, than reductions
Existing positions increased: 427 | Existing positions reduced: 431
1.78% less ownership
Funds ownership: 70.29% [Q2] → 68.51% (-1.78%) [Q3]
18% less call options, than puts
Call options by funds: $1.56B | Put options by funds: $1.92B
Research analyst outlook
5 Wall Street Analysts provided 1 year price targets over the past 3 months
5 analyst ratings
Raymond James Brian MacArthur 14% 1-year accuracy 2 / 14 met price target | 54%upside $59 | Outperform Maintained | 25 Nov 2024 |
UBS Daniel Major 0% 1-year accuracy 0 / 8 met price target | 41%upside $54 | Neutral Downgraded | 30 Oct 2024 |
Scotiabank Tanya Jakusconek 55% 1-year accuracy 11 / 20 met price target | 44%upside $55 | Sector Perform Downgraded | 25 Oct 2024 |
RBC Capital Josh Wolfson 50% 1-year accuracy 2 / 4 met price target | 38%upside $53 | Sector Perform Maintained | 24 Oct 2024 |
Jefferies Matthew Murphy 29% 1-year accuracy 2 / 7 met price target | 65%upside $63 | Buy Maintained | 4 Oct 2024 |
Financial journalist opinion
Based on 21 articles about NEM published over the past 30 days
