Brokers Set Expectations for Newmont Co.’s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James boosted their FY2024 earnings per share (EPS) estimates for shares of Newmont in a report released on Tuesday, September 10th. Raymond James analyst B. Macarthur now anticipates 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.

Other equities analysts have also issued research reports about the stock. Sanford C. Bernstein cut 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. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and boosted their price target for the company from $40.00 to $50.00 in a report on Monday, June 17th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Thursday, August 29th. CIBC upgraded 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, July 10th. Finally, BMO Capital Markets raised their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Newmont Price Performance

NYSE:NEM opened at $52.89 on Thursday. Newmont has a 12-month low of $29.42 and a 12-month high of $53.88. The firm has a market cap of $60.99 billion, a price-to-earnings ratio of -19.81, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. The company’s 50-day moving average is $49.14 and its two-hundred day moving average is $42.54. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the business earned $0.33 earnings per share.

Hedge Funds Weigh In On Newmont

Institutional investors have recently made changes to their positions in the business. Pekin Hardy Strauss Inc. increased its stake in shares of Newmont by 0.4% in the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock worth $2,683,000 after buying an additional 233 shares during the last quarter. KCM Investment Advisors LLC raised its stake in shares of Newmont by 2.3% in the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after purchasing an additional 244 shares in the last quarter. Meeder Advisory Services Inc. grew its stake in Newmont by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 278 shares in the last quarter. Moody National Bank Trust Division increased its holdings in Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after buying an additional 296 shares during the last quarter. Finally, Berkeley Capital Partners LLC raised its stake in Newmont by 5.6% during the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after buying an additional 318 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 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 value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,000 shares of company stock worth $2,744,700. 0.06% of the stock is currently owned by corporate insiders.

Newmont Announces Dividend

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