Zacks Research Has Positive View of Newmont FY2024 Earnings

Newmont Co. (NYSE:NEM) – Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of Newmont in a research report issued to clients and investors on Tuesday, November 5th. Zacks Research analyst A. Barman now anticipates that the basic materials company will earn $3.06 per share for the year, up from their prior forecast of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.12 per share. Zacks Research also issued estimates for Newmont’s Q4 2024 earnings at $0.98 EPS, Q1 2025 earnings at $0.70 EPS, Q2 2025 earnings at $0.74 EPS, Q4 2025 earnings at $1.05 EPS, FY2025 earnings at $3.41 EPS, Q1 2026 earnings at $1.08 EPS, Q2 2026 earnings at $0.96 EPS and Q3 2026 earnings at $1.10 EPS.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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 analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS.

Other equities research analysts also recently issued research reports about the company. BMO Capital Markets raised their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Royal Bank of Canada reduced their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock 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 company a “buy” rating in a report on Friday, October 4th. Raymond James boosted their target price on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Stock Performance

NYSE NEM opened at $44.48 on Thursday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The company has a market capitalization of $50.64 billion, a P/E ratio of -29.26, a P/E/G ratio of 0.38 and a beta of 0.51. The firm has a 50-day moving average price of $52.49 and a two-hundred day moving average price of $47.30.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the 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 transaction, the executive vice president now directly 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 can be accessed through the SEC website. 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 value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $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 accessible 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 sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their position. 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 quarter. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. LRI Investments LLC bought a new position in Newmont in the 1st quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in shares of Newmont in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont during the second quarter valued at approximately $27,000. Hoese & Co LLP bought a new stake in Newmont during the third quarter worth $27,000. Finally, Highline Wealth Partners LLC purchased a new stake in Newmont in the 3rd quarter valued at $32,000. 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.