Raymond James Comments on Newmont Co.'s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM - Free Report) - Analysts at Raymond James upped their FY2024 earnings per share (EPS) estimates for Newmont in a research note issued to investors on Tuesday, September 10th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $2.78 per share for the year, up from their previous forecast of $2.73. The consensus estimate for Newmont's current full-year earnings is $2.82 per share.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business's revenue was up 64.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share.

A number of other analysts have also issued reports on NEM. CIBC upgraded Newmont from a "neutral" rating to a "sector outperform" rating and boosted their price objective for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. BNP Paribas upgraded shares of Newmont to a "strong-buy" rating in a research report on Friday, June 21st. Sanford C. Bernstein decreased their target price on shares of Newmont from $46.00 to $45.00 and set a "market perform" rating on the stock in a report on Thursday, May 16th. JPMorgan Chase & Co. lowered shares of Newmont from an "overweight" rating to a "neutral" rating in a research report on Monday, July 8th. Finally, Scotiabank upgraded Newmont from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $51.46.

Newmont Stock Performance

NYSE NEM traded up $2.15 on Thursday, hitting $52.89. 10,198,398 shares of the stock traded hands, compared to its average volume of 10,479,546. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The business's fifty day moving average is $48.95 and its two-hundred day moving average is $42.46. Newmont has a 12 month low of $29.42 and a 12 month high of $53.88. The firm has a market capitalization of $60.99 billion, a price-to-earnings ratio of -19.93, a PEG ratio of 0.37 and a beta of 0.49.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.89%. Newmont's dividend payout ratio (DPR) is -37.45%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company's stock, valued at approximately $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company's stock, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. LRI Investments LLC purchased a new stake in Newmont in the 1st quarter worth about $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Newmont during the 2nd quarter worth approximately $25,000. Manchester Capital Management LLC boosted its holdings in Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 397 shares during the period. Meeder Asset Management Inc. bought a new position in Newmont in the 2nd quarter valued at $27,000. Finally, Heritage Wealth Advisors increased its stake in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company's stock worth $34,000 after purchasing an additional 878 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

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.