Why Are Shares of Newmont (NEM) Down Today?

Newmont stock is trading -33.34% below its average target price of $63.4 after dropping -1.3% during today's afternoon session. Analysts are giving the Large-Cap Silver company an average rating of buy and target prices ranging from $58.91 to $67.9 per share.

The stock has an average amount of shares sold short at 2.6%, and a short ratio of 2.13. At 0.1%, the company's rate of insider ownership does not indicate that management is heavily invested in the corporation. Finally, we also note that an average number of institutional investors are invested in the stock, with 71.0% of Newmont's shares being owned by this investor type.

Institutions Invested in Newmont

Date Reported Holder Percentage Shares Value
2024-03-31 Vanguard Group Inc 12% 134,940,345 $5,702,578,753
2024-03-31 Blackrock Inc. 10% 113,974,491 $4,816,561,798
2024-03-31 State Street Corporation 5% 51,954,152 $2,195,582,376
2024-03-31 Van Eck Associates Corporation 4% 49,628,982 $2,097,320,696
2024-03-31 Bank Of New York Mellon Corporation 2% 23,224,150 $981,452,540
2024-03-31 Geode Capital Management, LLC 2% 23,180,616 $979,612,793
2024-03-31 First Eagle Investment Management, LLC 2% 17,489,441 $739,103,747
2024-03-31 Deutsche Bank Aktiengesellschaft 1% 15,134,323 $639,576,464
2023-12-31 Norges Bank Investment Management 1% 14,604,963 $617,205,711
2024-03-31 Northern Trust Corporation 1% 12,132,758 $512,730,332

Besides an analyst consensus of strong upside potential, other market factors point to there being mixed market sentiment on Newmont.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.