Stock market today: Nasdaq closes above 23,000 for first time as tech rebounds
Newmont Goldcorp Corp’s stock reached a significant milestone, hitting a 52-week high of $77.39. This achievement marks a notable surge for the company, reflecting a robust 49.63% increase over the past year. The company’s financial health score on InvestingPro is rated as "GREAT," supported by a perfect Piotroski Score of 9 and an impressive 106.83% year-to-date return. The mining giant’s performance has been buoyed by strong demand for gold and favorable market conditions, which have contributed to its impressive stock appreciation. With a solid gross profit margin of 55.69% and a 55-year track record of consistent dividend payments, investors are closely watching Newmont’s trajectory. According to InvestingPro, which offers 15+ additional insights and a comprehensive Pro Research Report, analysts maintain a positive outlook with multiple upward earnings revisions for the upcoming period.
In other recent news, Newmont Corporation has been in the spotlight with several significant developments. The company is reportedly planning substantial job cuts as part of a major cost-reduction effort following its $15 billion acquisition of Newcrest Mining Ltd. in 2023. This move is aimed at aligning its expenses with those of its most efficient competitors. Meanwhile, Moody’s has upgraded Newmont’s backed senior unsecured ratings to A3 from Baa1, citing improvements in the company’s credit profile, strong credit metrics, and excellent liquidity.
RBC Capital has upgraded Newmont’s stock rating from Sector Perform to Outperform, with an increased price target of $95.00, due to an operational turnaround. Conversely, Macquarie has downgraded Newmont from Outperform to Neutral, setting a price target of $72.00, following a notable 35% increase in the stock price over the past three months. Additionally, Newmont’s shares saw a 1% rise as gold mining stocks climbed after U.S. tariffs targeted certain gold bars. These recent developments highlight the dynamic changes and strategic decisions influencing Newmont’s current position in the market.
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