FY2024 EPS Estimates for Newmont Lifted by Analyst

Newmont Co. (NYSE:NEM) – Stock analysts at National Bank Financial boosted their FY2024 EPS estimates for shares of Newmont in a research report issued to clients and investors on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now expects that the basic materials company will post earnings of $3.26 per share for the year, up from their previous forecast of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $4.42 EPS.

Several other equities analysts have also issued reports on the stock. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. UBS Group raised their price target on shares of Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Finally, CIBC upgraded 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 research note on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.85.

Newmont Trading Down 1.7 %

NYSE NEM opened at $48.42 on Friday. Newmont has a one year low of $29.42 and a one year high of $58.72. 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 has a market capitalization of $55.56 billion, a price-to-earnings ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company’s 50-day simple moving average is $53.39 and its two-hundred day simple moving average is $46.82.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 earnings per share. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year.

Institutional Trading of Newmont

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Newmont by 13.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 139,631 shares of the basic materials company’s stock worth $5,004,000 after acquiring an additional 16,902 shares during the last quarter. 180 Wealth Advisors LLC purchased a new stake in Newmont during the 1st quarter valued at about $207,000. Fifth Third Wealth Advisors LLC acquired a new stake in Newmont in the 1st quarter valued at about $234,000. AMF Tjanstepension AB lifted its position in Newmont by 7.9% during the first quarter. AMF Tjanstepension AB now owns 473,322 shares of the basic materials company’s stock worth $16,982,000 after buying an additional 34,634 shares in the last quarter. Finally, Citizens Business Bank acquired a new position in Newmont during the first quarter worth $596,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred 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 directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. This trade 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 can be accessed through this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock worth $3,434,640 over the last quarter. 0.06% of the stock is currently owned by insiders.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.07%. Newmont’s payout ratio is currently -47.17%.

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.