Q3 2024 EPS Estimates for Newmont Co. (NYSE:NEM) Cut by Analyst

Newmont Co. (NYSE:NEM) – Research analysts at Raymond James lowered their Q3 2024 EPS estimates for shares of Newmont in a report released on Tuesday, October 8th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $0.82 for the quarter, down from their previous estimate 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.

Several other brokerages also recently issued reports on NEM. Bank of America increased their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. BMO Capital Markets increased their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and increased their price target for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Finally, Jefferies Financial Group increased their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.31.

Newmont Trading Up 1.7 %

NYSE NEM opened at $54.30 on Friday. The stock has a 50-day simple moving average of $52.00 and a 200 day simple moving average of $45.62. The company has a market capitalization of $62.62 billion, a PE ratio of -20.34, a P/E/G ratio of 0.43 and a beta of 0.50. 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 has a 12 month low of $29.42 and a 12 month high of $56.30.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s revenue was up 64.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.33 earnings per share.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of the business. LRI Investments LLC bought a new stake in Newmont during the 1st quarter worth $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont during the 2nd quarter worth $25,000. Meeder Asset Management Inc. bought a new stake in Newmont during the 2nd quarter worth $27,000. Hoese & Co LLP bought a new stake in Newmont during the 3rd quarter worth $27,000. Finally, Heritage Wealth Advisors grew its position in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

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 sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,000 shares of company stock valued at $3,434,640. Insiders own 0.06% of the company’s stock.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 5th were given a $0.25 dividend. The ex-dividend date was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. Newmont’s payout ratio is -37.45%.

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.