What is Raymond James’ Estimate for Newmont FY2024 Earnings?

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James dropped their FY2024 earnings estimates for shares of Newmont in a note issued to investors on Monday, January 27th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $2.91 for the year, down from their previous forecast of $2.96. Raymond James has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.83 EPS, Q4 2025 earnings at $0.75 EPS and FY2025 earnings at $3.05 EPS.

Several other research analysts have also weighed in on the company. Scotiabank reduced their target price on Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. The Goldman Sachs Group began coverage on shares of Newmont in a report on Monday, January 13th. They set a “buy” rating and a $47.20 target price on the stock. Royal Bank of Canada reduced their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Jefferies Financial Group raised their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Finally, CLSA assumed coverage on shares of Newmont in a research note on Friday, November 29th. They issued an “underperform” rating for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target of $53.44.

Newmont Trading Up 0.4 %

NEM opened at $41.54 on Tuesday. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The firm has a market cap of $47.29 billion, a PE ratio of -27.33, a price-to-earnings-growth ratio of 0.33 and a beta of 0.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The firm’s fifty day moving average is $40.30 and its two-hundred day moving average is $46.72.

Insiders Place Their Bets

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the completion of the transaction, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the executive vice president now owns 82,596 shares in the company, valued at $3,303,840. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,077 shares of company stock valued at $563,080 in the last 90 days. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hoese & Co LLP acquired a new stake in Newmont during the 3rd quarter worth approximately $27,000. Avior Wealth Management LLC increased its position in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Newmont during the third quarter worth $28,000. Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the third quarter worth $32,000. Finally, HHM Wealth Advisors LLC boosted its position in shares of Newmont by 66.0% in the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 350 shares during the period. 68.85% of the stock is owned by institutional investors.

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.