National Bank Financial Predicts Higher Earnings for Newmont

Newmont Co. (NYSE:NEM) – Stock analysts at National Bank Financial boosted their FY2024 earnings estimates for shares of Newmont in a report issued on Thursday, October 24th. National Bank Financial analyst M. Parkin now anticipates that the basic materials company will post earnings per share of $3.29 for the year, up from their prior forecast of $3.26. The consensus estimate for Newmont’s current full-year earnings is $3.13 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $4.52 EPS.

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 company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was up 84.7% compared to the same quarter last year.

NEM has been the topic of several other research reports. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Royal Bank of Canada cut their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Finally, UBS Group lifted their price target on shares of Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and an average target price of $54.85.

Newmont Stock Down 1.2 %

Shares of NYSE:NEM opened at $47.80 on Monday. Newmont has a one year low of $29.42 and a one year high of $58.72. The company has a 50 day moving average of $53.26 and a 200-day moving average of $47.06. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market cap of $54.42 billion, a price-to-earnings ratio of -31.45, a P/E/G ratio of 0.40 and a beta of 0.50.

Newmont Dividend Announcement

The business 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 $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.09%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The trade was 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 at this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 66,000 shares of company stock worth $3,434,640 over the last ninety days. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after acquiring an additional 16,190,422 shares during the last quarter. Maj Invest Holding A S raised its holdings in Newmont by 296.0% in the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after buying an additional 2,561,823 shares during the last quarter. Capital International Investors bought a new position in Newmont in the 1st quarter valued at approximately $49,444,000. Van ECK Associates Corp increased its position in Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Newmont by 262.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after purchasing an additional 1,096,905 shares during the period. Institutional investors own 68.85% of the company’s stock.

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.