Raymond James Weighs in on Newmont Co.'s Q2 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM - Free Report) - Stock analysts at Raymond James lifted their Q2 2024 earnings per share (EPS) estimates for shares of Newmont in a research report issued to clients and investors on Monday, July 8th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.60 per share for the quarter, up from their previous forecast of $0.59. The consensus estimate for Newmont's current full-year earnings is $2.48 per share.

Other analysts also recently issued research reports about the stock. CIBC raised shares of Newmont from a "neutral" rating to a "sector outperform" rating and increased their target price for the stock from $46.00 to $61.00 in a research report on Wednesday. Sanford C. Bernstein lowered their price objective on shares of Newmont from $46.00 to $45.00 and set a "market perform" rating for the company in a research report on Thursday, May 16th. Citigroup lowered their price objective on shares of Newmont from $60.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, April 4th. National Bank Financial downgraded shares of Newmont from an "outperform overweight" rating to a "sector perform overweight" rating in a research report on Tuesday, April 30th. Finally, Scotiabank increased their price objective on shares of Newmont from $46.50 to $48.00 and gave the company a "sector perform" rating in a research report on Thursday, May 23rd. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $49.07.

Newmont Trading Up 3.8 %

NEM traded up $1.71 on Thursday, reaching $47.17. 11,428,685 shares of the company's stock were exchanged, compared to its average volume of 11,608,982. The company's 50 day moving average is $42.29 and its 200-day moving average is $38.30. The company has a market cap of $54.39 billion, a price-to-earnings ratio of -17.67, a PEG ratio of 0.37 and a beta of 0.47. Newmont has a twelve month low of $29.42 and a twelve month high of $47.21. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.20. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company's revenue was up 50.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Life Planning Partners Inc acquired a new position in Newmont during the fourth quarter worth about $26,000. Manchester Capital Management LLC grew its holdings in Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company's stock worth $26,000 after acquiring an additional 397 shares during the period. LRI Investments LLC acquired a new position in Newmont during the first quarter worth about $25,000. CVA Family Office LLC acquired a new position in Newmont during the fourth quarter worth about $34,000. Finally, Heritage Wealth Advisors grew its holdings in Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company's stock worth $34,000 after acquiring an additional 878 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm's stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares of the company's stock, valued at $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by corporate insiders.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.12%. The ex-dividend date was Tuesday, June 4th. Newmont's dividend payout ratio is presently -37.45%.

Newmont Company Profile

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.