Newmont Co. (NYSE:NEM – Free Report) – Equities research analysts at Raymond James lowered their FY2024 earnings estimates for Newmont in a report released on Monday, January 27th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $2.91 for the year, down from their previous estimate of $2.96. Raymond James has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.83 EPS, Q4 2025 earnings at $0.75 EPS and FY2025 earnings at $3.05 EPS.
Other equities research analysts have also issued research reports about the company. Bernstein Bank raised their price objective on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, CLSA assumed coverage on Newmont in a research report on Friday, November 29th. They set an “underperform” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.44.
Newmont Stock Up 0.4 %
Shares of NYSE:NEM opened at $41.54 on Tuesday. The company has a 50 day moving average of $40.30 and a two-hundred day moving average of $46.72. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $47.29 billion, a price-to-earnings ratio of -27.33, a price-to-earnings-growth ratio of 0.33 and a beta of 0.50.
Institutional Investors Weigh In On Newmont
A number of large investors have recently bought and sold shares of NEM. Van ECK Associates Corp lifted its position in shares of Newmont by 1.6% during the fourth quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock worth $1,851,606,000 after purchasing an additional 797,445 shares in the last quarter. Geode Capital Management LLC raised its position in Newmont by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock worth $1,253,457,000 after purchasing an additional 326,243 shares during the last quarter. FMR LLC lifted its holdings in Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares in the last quarter. Ninety One UK Ltd boosted its position in Newmont by 27.5% in the 4th quarter. Ninety One UK Ltd now owns 3,456,456 shares of the basic materials company’s stock valued at $128,649,000 after buying an additional 744,718 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Newmont by 0.3% in the 3rd quarter. Swiss National Bank now owns 3,422,605 shares of the basic materials company’s stock valued at $182,938,000 after buying an additional 9,500 shares during the period. 68.85% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now owns 52,070 shares in the company, valued at $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the executive vice president now directly owns 82,596 shares in the company, valued at approximately $3,303,840. This represents a 3.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,077 shares of company stock valued at $563,080. 0.06% of the stock is owned by company insiders.
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.
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