FY2024 Earnings Estimate for Newmont Issued By Raymond James

Newmont Co. (NYSE:NEM) – Analysts at Raymond James decreased their FY2024 earnings per share estimates for Newmont in a research report issued on Monday, November 25th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $2.96 for the year, down from their prior forecast of $2.98. Raymond James currently has a “Outperform” rating and a $59.00 target price on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.09 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $3.15 EPS.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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 company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the business earned $0.36 EPS. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year.

A number of other analysts have also commented on NEM. Royal Bank of Canada dropped their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Bernstein Bank lifted their price target on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Stock Performance

Shares of Newmont stock opened at $42.25 on Tuesday. The business’s fifty day simple moving average is $49.80 and its 200 day simple moving average is $47.50. The firm has a market capitalization of $48.09 billion, a P/E ratio of -27.79, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51. Newmont has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. grew its stake in shares of Newmont by 7.5% in the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after buying an additional 529 shares during the last quarter. Lazard Asset Management LLC lifted its position in Newmont by 95.7% in the 1st quarter. Lazard Asset Management LLC now owns 46,788 shares of the basic materials company’s stock valued at $1,676,000 after acquiring an additional 22,880 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Newmont by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock valued at $175,872,000 after acquiring an additional 313,736 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in Newmont by 10.8% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 57,251 shares of the basic materials company’s stock valued at $2,052,000 after acquiring an additional 5,563 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Newmont by 19.1% in the 1st quarter. Janus Henderson Group PLC now owns 341,907 shares of the basic materials company’s stock valued at $12,256,000 after acquiring an additional 54,761 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value 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 disclosure for this sale can be found here. Over the last three months, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by corporate insiders.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

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.