FY2024 Earnings Estimate for Newmont Issued By Raymond James

Newmont Co. (NYSE:NEM - Free Report) - Equities research analysts at Raymond James lowered their FY2024 EPS estimates for Newmont in a report released on Monday, November 25th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $2.96 per share for the year, down from their previous forecast of $2.98. Raymond James has a "Outperform" rating and a $59.00 price objective on the stock. The consensus estimate for Newmont's current full-year earnings is $3.09 per share. Raymond James also issued estimates for Newmont's Q4 2024 earnings at $0.88 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $3.15 EPS.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm's revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS.

Several other research firms have also recently commented on NEM. Jefferies Financial Group raised their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. Veritas raised shares of Newmont to a "strong-buy" rating in a research note on Monday, September 30th. UBS Group downgraded Newmont from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. JPMorgan Chase & Co. upgraded shares of Newmont from a "neutral" rating to an "overweight" rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada reduced their target price on shares of Newmont from $54.00 to $53.00 and set a "sector perform" rating on the stock in a report on Thursday, October 24th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average price target of $54.31.

Newmont Stock Performance

Shares of Newmont stock traded down $0.22 during trading on Tuesday, reaching $42.25. The company's stock had a trading volume of 6,381,067 shares, compared to its average volume of 10,535,874. The company has a 50-day moving average price of $49.80 and a two-hundred day moving average price of $47.50. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The firm has a market cap of $48.09 billion, a PE ratio of -27.79, a P/E/G ratio of 0.38 and a beta of 0.51. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Heathbridge Capital Management Ltd. increased its holdings in Newmont by 2.0% in the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company's stock valued at $551,000 after purchasing an additional 200 shares during the last quarter. E. Ohman J or Asset Management AB boosted its position in shares of Newmont by 0.4% during the third quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company's stock worth $2,562,000 after buying an additional 200 shares during the period. Fulton Bank N.A. grew its holdings in shares of Newmont by 1.5% during the third quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company's stock worth $812,000 after buying an additional 221 shares in the last quarter. Carmel Capital Partners LLC raised its position in Newmont by 4.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company's stock valued at $279,000 after buying an additional 226 shares during the last quarter. Finally, Good Life Advisors LLC boosted its position in Newmont by 4.6% during the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company's stock worth $277,000 after acquiring an additional 229 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company's stock, valued at $14,607,746.89. The trade was a 6.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is currently owned by company insiders.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Wednesday, November 27th. Newmont's dividend payout ratio is -65.79%.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.