FY2024 Earnings Estimate for Newmont Issued By Raymond James

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James reduced their FY2024 earnings per share estimates for Newmont in a research report issued on Monday, November 25th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $2.96 for the year, down from their prior estimate of $2.98. Raymond James currently has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.09 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $3.15 EPS.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share.

Other equities research analysts have also issued research reports about the stock. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Royal Bank of Canada decreased their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Jefferies Financial Group lifted their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Performance

NYSE NEM opened at $42.46 on Tuesday. 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 company has a market capitalization of $48.34 billion, a PE ratio of -27.93, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The company has a 50-day simple moving average of $50.01 and a 200 day simple moving average of $47.51.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 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 $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock valued at $2,444,440 in the last three months. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently made changes to their positions in the stock. LRI Investments LLC purchased a new stake in Newmont during the first quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in shares of Newmont during the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont during the 2nd quarter valued at about $27,000. Hoese & Co LLP bought a new stake in Newmont in the 3rd quarter worth approximately $27,000. Finally, Avior Wealth Management LLC lifted its position in Newmont by 191.8% in 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 last quarter. 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.