Q3 2024 EPS Estimates for Newmont Co. Decreased by Raymond James (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Raymond James lowered their Q3 2024 earnings estimates for Newmont in a report issued on Tuesday, September 10th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.73 per share for the quarter, down from their previous estimate of $0.74. The consensus estimate for Newmont’s current full-year earnings is $2.82 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.77 EPS.

Several other analysts have also recently weighed in on NEM. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and raised their target price for the company from $40.00 to $50.00 in a report on Monday, June 17th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and raised their target price for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, BNP Paribas raised shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Newmont Stock Up 1.6 %

Shares of NEM opened at $53.71 on Friday. The stock has a market capitalization of $61.63 billion, a PE ratio of -20.12, a P/E/G ratio of 0.37 and a beta of 0.49. Newmont has a 1 year low of $29.42 and a 1 year high of $54.25. 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 company’s 50-day simple moving average is $49.32 and its 200-day simple moving average is $42.79.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) 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 negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s quarterly revenue was up 64.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 earnings per share.

Newmont Announces Dividend

The company 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 $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.86%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Insider Activity at Newmont

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. LRI Investments LLC acquired a new position in Newmont in the 1st quarter valued at about $25,000. Strategic Financial Concepts LLC acquired a new position in Newmont in the 2nd quarter valued at about $25,000. Manchester Capital Management LLC raised its stake in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Newmont in the 2nd quarter valued at about $27,000. Finally, Heritage Wealth Advisors raised its stake 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. 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.