What is Raymond James’ Estimate for Newmont FY2024 Earnings?

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James reduced their FY2024 EPS estimates for shares of Newmont in a research note issued on Thursday, October 24th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $3.03 per share for the year, down from their prior forecast of $3.06. Raymond James has a “Outperform” rating and a $66.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.13 per share. Raymond James also issued estimates for Newmont’s Q1 2025 earnings at $0.88 EPS.

Other analysts have also issued research reports about the company. Jefferies Financial Group upped their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $59.00 to $55.00 in a report on Friday. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday. UBS Group boosted their target price on shares of Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $54.85.

Newmont Stock Performance

NEM opened at $48.36 on Monday. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a market capitalization of $55.06 billion, a price-to-earnings ratio of -31.82, a price-to-earnings-growth ratio of 0.40 and a beta of 0.50. The business has a 50 day moving average price of $53.33 and a two-hundred day moving average price of $46.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

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

Newmont Announces Dividend

The firm 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.07%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated 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 owns 311,469 shares in the company, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their position. The transaction 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 stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,000 shares of company stock valued at $3,434,640. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Heathbridge Capital Management Ltd. boosted its stake in Newmont by 2.0% during the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after purchasing an additional 200 shares during the period. E. Ohman J or Asset Management AB lifted its holdings in shares of Newmont by 0.4% during the third quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock worth $2,562,000 after buying an additional 200 shares during the last quarter. Fulton Bank N.A. boosted its position in shares of Newmont by 1.5% in the third quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after acquiring an additional 221 shares during the period. Good Life Advisors LLC grew its stake in shares of Newmont by 4.6% in the third quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 229 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. increased its position in Newmont by 0.4% during the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock worth $2,683,000 after acquiring an additional 233 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

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.