Zacks Research Issues Positive Outlook for Newmont Earnings

Newmont Co. (NYSE:NEM) – Analysts at Zacks Research upped their FY2024 earnings per share estimates for shares of Newmont in a note issued to investors on Tuesday, November 5th. Zacks Research analyst A. Barman now anticipates that the basic materials company will post earnings per share of $3.06 for the year, up from their prior estimate of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.15 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.

Several other brokerages have also weighed in on NEM. Royal Bank of Canada cut their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. BMO Capital Markets increased their price objective on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Argus raised shares of 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. Nine equities research 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. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Trading Down 0.3 %

NEM opened at $45.04 on Thursday. The company has a fifty day moving average of $52.17 and a two-hundred day moving average of $47.34. 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 fifty-two week low of $29.42 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period in the previous year, the business earned $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year.

Newmont Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the sale, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. The trade was 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 Newmont 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 $1,076,200.00. Following the completion of the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in NEM. Avior Wealth Management LLC raised its holdings in Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares during the last quarter. Hoese & Co LLP purchased a new position in Newmont during the third quarter worth about $27,000. Prospera Private Wealth LLC acquired a new stake in Newmont in the 3rd quarter worth about $28,000. Highline Wealth Partners LLC purchased a new stake in Newmont in the 3rd quarter valued at about $32,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Newmont during the 2nd quarter valued at about $27,000. 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.