Stock market today: Nasdaq closes above 23,000 for first time as tech rebounds
Newmont Goldcorp Corp (NEM) has reached a new milestone, achieving a 52-week high with its stock price hitting 80.08 USD. The mining giant, now commanding a market capitalization of $87 billion, has demonstrated remarkable strength with a perfect Piotroski Score of 9, according to InvestingPro data. This surge marks a significant increase in the company’s market performance, with an exceptional year-to-date return of 113.37% and revenue growth of 38.38%. The impressive climb underscores investor confidence and the company’s robust standing in the gold mining industry, trading at a reasonable P/E ratio of 14.28 and maintaining a GREAT financial health score. This 52-week high reflects positive market sentiment and the potential for continued growth within the sector. InvestingPro subscribers have access to 13 additional exclusive insights about Newmont’s performance and future prospects through the comprehensive Pro Research Report.
In other recent news, Newmont Corporation has completed the sale of its stake in Orla Mining for $439 million, selling 43 million shares through the Toronto Stock Exchange. Additionally, Newmont announced an agreement to sell its Coffee Project in Yukon, Canada, to Fuerte Metals Corporation for up to $150 million, with the transaction expected to close in late 2025. RBC Capital upgraded Newmont’s stock rating from Sector Perform to Outperform, citing an operational turnaround and raising the price target to $95.00. Meanwhile, Macquarie downgraded Newmont from Outperform to Neutral, setting a price target of $72.00, following a significant increase in the company’s stock price. Newmont is also reportedly planning substantial job cuts as part of a cost-reduction strategy after its $15 billion acquisition of Newcrest Mining. The company aims to align its expenses with more efficient competitors. These developments highlight Newmont’s recent strategic moves and operational changes.
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