Brokers Issue Forecasts for Newmont Co.’s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEMFree Report) – Investment analysts at National Bank Financial reduced their FY2024 EPS estimates for shares of Newmont in a research report issued to clients and investors on Monday, February 5th. National Bank Financial analyst S. Nagle now anticipates that the basic materials company will post earnings per share of $2.03 for the year, down from their previous estimate of $2.60. National Bank Financial currently has a “Outperform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $1.62 per share.

NEM has been the topic of several other research reports. UBS Group reduced their target price on shares of Newmont from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, December 13th. Royal Bank of Canada reduced their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday. BMO Capital Markets cut their price target on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Wednesday, January 17th. TD Securities lowered shares of Newmont from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a report on Tuesday, January 9th. Finally, Raymond James cut their price target on shares of Newmont from $59.00 to $57.00 and set an “outperform” rating on the stock in a report on Friday, October 27th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.76.

View Our Latest Analysis on NEM

Newmont Price Performance

NEM stock opened at $32.79 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.72 and a current ratio of 2.12. Newmont has a 52 week low of $32.54 and a 52 week high of $52.76. The firm’s fifty day moving average is $38.02 and its 200 day moving average is $38.51. The firm has a market cap of $26.06 billion, a P/E ratio of -31.83, a P/E/G ratio of 2.48 and a beta of 0.52.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. BI Asset Management Fondsmaeglerselskab A S lifted its position in Newmont by 66.6% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 32,609 shares of the basic materials company’s stock valued at $1,391,000 after acquiring an additional 13,038 shares during the period. Wintrust Investments LLC lifted its position in Newmont by 5.9% during the 2nd quarter. Wintrust Investments LLC now owns 31,297 shares of the basic materials company’s stock valued at $1,335,000 after acquiring an additional 1,738 shares during the period. Private Trust Co. NA lifted its position in Newmont by 62.5% during the 2nd quarter. Private Trust Co. NA now owns 1,233 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 474 shares during the period. MONECO Advisors LLC lifted its position in Newmont by 3.5% during the 2nd quarter. MONECO Advisors LLC now owns 13,937 shares of the basic materials company’s stock valued at $595,000 after acquiring an additional 473 shares during the period. Finally, Archford Capital Strategies LLC lifted its position in Newmont by 117.8% during the 2nd quarter. Archford Capital Strategies LLC now owns 10,347 shares of the basic materials company’s stock valued at $447,000 after acquiring an additional 5,597 shares during the period. 79.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Robert D. Atkinson sold 5,500 shares of Newmont stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $40.25, for a total transaction of $221,375.00. Following the sale, the chief operating officer now owns 59,751 shares of the company’s stock, valued at approximately $2,404,977.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.07% of the company’s stock.

About Newmont

(Get Free Report)

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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.

Further Reading

Earnings History and Estimates for Newmont (NYSE:NEM)

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