Brokers Set Expectations for Newmont Q3 Earnings

Newmont Co. (NYSE:NEM) – Equities researchers at National Bank Financial issued their Q3 2024 earnings per share (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 forecasts that the basic materials company will post earnings of $0.87 per share for the quarter. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share.

NEM has been the subject of several other reports. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday, August 29th. UBS Group upped their price objective on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Jefferies Financial Group boosted their target price on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.85.

Newmont Stock Performance

Shares of Newmont stock opened at $48.42 on Thursday. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The company has a market cap of $55.56 billion, a PE ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company has a 50 day moving average of $53.42 and a 200-day moving average of $46.76. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly 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 company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS.

Newmont Announces Dividend

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

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm’s 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 sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $3,434,640 in the last three months. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. LRI Investments LLC bought a new stake in Newmont in the first quarter valued at $25,000. Strategic Financial Concepts LLC bought a new stake in Newmont in the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in Newmont during the 2nd quarter worth approximately $27,000. Hoese & Co LLP bought a new position in Newmont in the third quarter worth approximately $27,000. Finally, Highline Wealth Partners LLC acquired a new stake in Newmont in the third quarter valued at approximately $32,000. Institutional investors and hedge funds 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.