Raymond James Brokers Cut Earnings Estimates for Newmont Co. (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James reduced their Q3 2024 earnings per share estimates for shares of Newmont in a note issued to investors on Tuesday, October 8th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.82 per share for the quarter, down from their previous forecast of $0.88. The consensus estimate for Newmont’s current full-year earnings is $3.10 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $3.06 EPS, Q1 2025 earnings at $0.89 EPS, Q2 2025 earnings at $0.92 EPS, Q3 2025 earnings at $0.93 EPS, Q4 2025 earnings at $0.95 EPS and FY2025 earnings at $3.69 EPS.

Other equities research analysts have also issued reports about the stock. Bank of America boosted their price objective on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. BMO Capital Markets upped their price target on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. UBS Group raised their target price on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average price target of $53.31.

Newmont Trading Up 1.7 %

Shares of Newmont stock opened at $54.30 on Friday. The firm’s 50 day simple moving average is $51.88 and its two-hundred day simple moving average is $45.40. The firm has a market capitalization of $62.31 billion, a price-to-earnings ratio of -25.61, a PEG ratio of 0.43 and a beta of 0.50. Newmont has a 12-month low of $29.42 and a 12-month high of $56.30. 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 results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company’s revenue was up 64.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Thursday, September 5th. Newmont’s payout ratio is presently -47.17%.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the 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 $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s 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 $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,000 shares of company stock worth $3,434,640. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of large investors have recently modified their holdings of the business. Hoese & Co LLP acquired a new position in Newmont during the third quarter worth about $27,000. Meeder Asset Management Inc. purchased a new stake in shares of Newmont in the second quarter valued at approximately $27,000. LRI Investments LLC acquired a new stake in shares of Newmont in the first quarter valued at approximately $25,000. Heritage Wealth Advisors increased its holdings in shares of Newmont by 1,310.4% in the first 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 position in Newmont during the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 68.85% 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.