FY2024 Earnings Forecast for Newmont Issued By Raymond James

Newmont Co. (NYSE:NEM - Free Report) - Equities researchers at Raymond James reduced their FY2024 earnings estimates for shares of Newmont in a research report issued on Monday, January 27th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $2.91 for the year, down from their previous estimate of $2.96. Raymond James currently has a "Outperform" rating and a $59.00 target price on the stock. The consensus estimate for Newmont's current full-year earnings is $3.07 per share. Raymond James also issued estimates for Newmont's Q4 2024 earnings at $0.83 EPS, Q4 2025 earnings at $0.75 EPS and FY2025 earnings at $3.05 EPS.

NEM has been the topic of a number of other research reports. JPMorgan Chase & Co. raised Newmont from a "neutral" rating to an "overweight" rating in a report on Tuesday, November 19th. Veritas upgraded shares of Newmont to a "strong-buy" rating in a research report on Monday, September 30th. Bernstein Bank increased their price target on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Royal Bank of Canada cut their price objective on shares of Newmont from $54.00 to $53.00 and set a "sector perform" rating for the company in a research report on Thursday, October 24th. Finally, CLSA started coverage on Newmont in a report on Friday, November 29th. They issued an "underperform" rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average price target of $53.44.

Newmont Stock Performance

Shares of NYSE NEM traded down $0.21 during midday trading on Tuesday, hitting $41.36. 6,079,845 shares of the stock traded hands, compared to its average volume of 7,942,903. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont has a one year low of $29.42 and a one year high of $58.72. The firm has a market capitalization of $47.08 billion, a P/E ratio of -27.21, a PEG ratio of 0.33 and a beta of 0.50. The firm has a 50-day moving average of $40.34 and a two-hundred day moving average of $46.77.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Hoese & Co LLP bought a new position in Newmont in the third quarter worth about $27,000. Avior Wealth Management LLC lifted its holdings in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 326 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Newmont in the 3rd quarter worth $28,000. Highline Wealth Partners LLC purchased a new position in Newmont during the 3rd quarter worth $32,000. Finally, HHM Wealth Advisors LLC increased its position in Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company's stock valued at $33,000 after buying an additional 350 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the completion of the sale, the director now directly owns 52,070 shares in the company, valued at $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Harry M. Iv Conger bought 9,498 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the transaction, the director now directly owns 14,498 shares in the company, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 14,077 shares of company stock worth $563,080 over the last 90 days. Company insiders own 0.06% of the company's stock.

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.