Q3 2024 Earnings Forecast for Newmont Co. Issued By Raymond James (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James boosted their Q3 2024 earnings per share estimates for shares of Newmont in a report released on Monday, September 23rd. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.88 per share for the quarter, up from their previous estimate of $0.73. The consensus estimate for Newmont’s current full-year earnings is $2.88 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.96 EPS, Q1 2025 earnings at $0.91 EPS, Q2 2025 earnings at $0.95 EPS, Q3 2025 earnings at $0.97 EPS, Q4 2025 earnings at $0.97 EPS and FY2025 earnings at $3.80 EPS.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm’s revenue was up 64.1% on a year-over-year basis. During the same quarter last year, the business earned $0.33 earnings per share.

Several other brokerages have also commented on NEM. BMO Capital Markets raised their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their price objective for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, Jefferies Financial Group upped their price target on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $52.62.

Newmont Price Performance

NYSE:NEM opened at $55.54 on Thursday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont has a 52 week low of $29.42 and a 52 week high of $56.30. The stock’s 50-day moving average price is $50.54 and its 200-day moving average price is $43.99. The stock has a market capitalization of $64.05 billion, a PE ratio of -20.80, a price-to-earnings-growth ratio of 0.47 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. Investors of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.80%. Newmont’s payout ratio is -37.45%.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, 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 filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,000 shares of company stock valued at $2,744,700. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Hedge funds have recently modified their holdings of the business. LRI Investments LLC acquired a new position in Newmont in the first quarter valued at about $25,000. Strategic Financial Concepts LLC acquired a new position in shares of Newmont in the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont during the 2nd quarter worth approximately $27,000. Heritage Wealth Advisors increased its holdings in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new stake in Newmont in the first quarter valued at approximately $35,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.