Q4 2024 EPS Estimates for Newmont Co. (NYSE:NEM) Lifted by Raymond James

Newmont Co. (NYSE:NEM) – Research analysts at Raymond James increased their Q4 2024 earnings per share estimates for shares of Newmont in a research note issued on Tuesday, October 8th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $0.98 for the quarter, up from their prior estimate of $0.96. The consensus estimate for Newmont’s current full-year earnings is $2.88 per share.

Other analysts also recently issued reports about the stock. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. BNP Paribas raised Newmont to a “strong-buy” rating in a report on Friday, June 21st. UBS Group lifted their price objective on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Finally, Veritas upgraded Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

Newmont Trading Up 1.3 %

Shares of Newmont stock opened at $53.40 on Thursday. Newmont has a 1 year low of $29.42 and a 1 year high of $56.30. The company’s fifty day simple moving average is $51.80 and its 200-day simple moving average is $45.35. The company has a market cap of $61.58 billion, a price-to-earnings ratio of -20.00, a PEG ratio of 0.47 and a beta of 0.50. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter last year, the firm posted $0.33 EPS. The company’s revenue was up 64.1% on a year-over-year basis.

Hedge Funds Weigh In On Newmont

A number of large investors have recently added to or reduced their stakes in NEM. Fulton Bank N.A. lifted 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 worth $812,000 after purchasing an additional 221 shares in the last quarter. Pekin Hardy Strauss Inc. grew its holdings in shares of Newmont by 0.4% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after acquiring an additional 233 shares in the last quarter. KCM Investment Advisors LLC raised its holdings in Newmont by 2.3% during the second quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock worth $453,000 after acquiring an additional 244 shares in the last quarter. Meeder Advisory Services Inc. boosted its position in Newmont by 3.8% during the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 278 shares during the last quarter. Finally, Moody National Bank Trust Division grew its stake in Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after purchasing an additional 296 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,000 shares of company stock valued at $3,434,640 in the last 90 days. 0.06% of the stock is currently owned by insiders.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.87%. Newmont’s dividend payout ratio (DPR) is -37.45%.

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.