What is Scotiabank's Forecast for Newmont FY2024 Earnings?

Newmont Co. (NYSE:NEM - Free Report) - Equities researchers at Scotiabank upped their FY2024 earnings per share estimates for shares of Newmont in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now expects that the basic materials company will post earnings of $3.27 per share for the year, up from their previous estimate of $2.94. Scotiabank has a "Sector Perform" rating and a $55.00 price objective on the stock. The consensus estimate for Newmont's current full-year earnings is $3.08 per share. Scotiabank also issued estimates for Newmont's FY2025 earnings at $3.37 EPS.

A number of other research analysts also recently weighed in on the company. UBS Group lowered Newmont from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, October 4th. Veritas raised shares of Newmont to a "strong-buy" rating in a research report on Monday, September 30th. CIBC downgraded shares of Newmont from a "sector outperform" rating to a "neutral" rating in a research report on Monday, October 28th. Finally, Raymond James dropped their target price on shares of Newmont from $62.00 to $59.00 and set an "outperform" rating on the stock in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $54.31.

Newmont Stock Down 0.1 %

Shares of NYSE:NEM traded down $0.04 during midday trading on Friday, reaching $39.09. The company had a trading volume of 10,010,328 shares, compared to its average volume of 8,066,489. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72. The stock has a market cap of $44.50 billion, a PE ratio of -25.72, a P/E/G ratio of 0.35 and a beta of 0.50. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The business's 50 day moving average price is $40.74 and its 200 day moving average price is $46.86.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.56%. The ex-dividend date was Wednesday, November 27th. Newmont's payout ratio is -65.79%.

Insider Transactions at Newmont

In other Newmont news, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction dated Wednesday, November 27th. The shares were bought at an average cost of $42.15 per share, with a total value of $400,340.70. Following the completion of the acquisition, the director now owns 14,498 shares of the company's stock, valued at $611,090.70. This trade represents a 189.96 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.06% of the company's stock.

Institutional Investors Weigh In On Newmont

A number of large investors have recently added to or reduced their stakes in NEM. Heathbridge Capital Management Ltd. raised its position in shares of Newmont by 2.0% in the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company's stock valued at $551,000 after buying an additional 200 shares in the last quarter. E. Ohman J or Asset Management AB raised its position in 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 valued at $2,562,000 after purchasing an additional 200 shares in the last quarter. Fulton Bank N.A. lifted its stake in 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 purchasing an additional 221 shares during the last quarter. Carmel Capital Partners LLC boosted its holdings in shares of 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 purchasing an additional 226 shares in the last quarter. Finally, Good Life Advisors LLC increased its stake in shares of Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company's stock valued at $277,000 after purchasing an additional 229 shares during the last quarter. Institutional investors and hedge funds 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.