Raymond James Issues Pessimistic Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its price target lowered by Raymond James from $62.00 to $59.00 in a report published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the basic materials company’s stock. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, FY2024 earnings at $2.96 EPS, Q2 2025 earnings at $0.83 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q3 2025 earnings at $0.83 EPS, Q4 2025 earnings at $0.81 EPS, FY2025 earnings at $3.15 EPS and FY2025 earnings at $3.39 EPS.

A number of other equities analysts have also recently weighed in on the stock. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Bernstein Bank lifted their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Finally, CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Eight equities research 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 stock. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Trading Up 0.1 %

NYSE NEM opened at $42.04 on Monday. Newmont has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a 50-day simple moving average of $49.57 and a 200 day simple moving average of $47.47. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $47.86 billion, a PE ratio of -27.66, a P/E/G ratio of 0.37 and a beta of 0.51.

Newmont (NYSE:NEM) last announced 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 the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue was up 84.7% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. Research analysts forecast that Newmont will post 3.08 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders 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 dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is -65.79%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction 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 approximately $15,293,378.43. This trade represents a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently bought and sold shares of the business. LRI Investments LLC acquired a new position in shares of Newmont during the 1st quarter worth approximately $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Newmont in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in Newmont during the second quarter worth approximately $27,000. Hoese & Co LLP acquired a new stake in Newmont during the third quarter worth approximately $27,000. Finally, Avior Wealth Management LLC increased its stake in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 326 shares during the period. 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.