Scotiabank Comments on Newmont’s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Scotiabank raised their FY2024 earnings estimates for Newmont in a research note issued on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now anticipates that the basic materials company will post earnings per share of $3.27 for the year, up from their prior forecast of $2.94. Scotiabank has a “Sector Perform” rating and a $55.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.08 per share. Scotiabank also issued estimates for Newmont’s FY2025 earnings at $3.37 EPS.

Several other analysts have also weighed in on the company. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Royal Bank of Canada dropped their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.31.

Newmont Stock Performance

NEM opened at $39.09 on Friday. The stock’s 50 day simple moving average is $40.74 and its 200 day simple moving average is $46.89. The stock has a market cap of $44.50 billion, a P/E ratio of -25.72, a P/E/G ratio of 0.35 and a beta of 0.50. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72. 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 announced 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 negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the previous year, the business earned $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Wednesday, November 27th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.56%. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insider Buying and Selling

In other news, Director Harry M. Iv Conger acquired 9,498 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares in the company, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

A number of large investors have recently modified their holdings of the company. Hilltop National Bank raised its holdings in shares of Newmont by 80.1% in the 4th quarter. Hilltop National Bank now owns 25,259 shares of the basic materials company’s stock worth $940,000 after purchasing an additional 11,234 shares during the period. ORG Partners LLC grew its stake in shares of Newmont by 22.8% in the fourth quarter. ORG Partners LLC now owns 26,644 shares of the basic materials company’s stock valued at $992,000 after buying an additional 4,948 shares in the last quarter. Fortem Financial Group LLC grew its stake in shares of Newmont by 7.3% in the fourth quarter. Fortem Financial Group LLC now owns 27,967 shares of the basic materials company’s stock valued at $1,041,000 after buying an additional 1,891 shares in the last quarter. Bard Financial Services Inc. grew its stake in shares of Newmont by 25.4% in the fourth quarter. Bard Financial Services Inc. now owns 86,180 shares of the basic materials company’s stock valued at $3,208,000 after buying an additional 17,480 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Newmont by 173.0% in the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after buying an additional 1,578,545 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.