National Bank Financial Comments on Newmont Q3 Earnings

Newmont Co. (NYSE:NEM) – Stock analysts at National Bank Financial issued their Q3 2024 EPS estimates for shares of Newmont in a research note issued on Tuesday, October 22nd. National Bank Financial analyst M. Parkin expects that the basic materials company will earn $0.87 per share for the quarter. The consensus estimate for Newmont’s current full-year earnings is $3.10 per share.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The business’s revenue for the quarter was up 84.7% on a year-over-year basis.

A number of other research analysts also recently issued reports on the stock. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. BMO Capital Markets upped their price target on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $48.00 to $59.00 in a research note on Monday, August 19th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.46.

Newmont Stock Performance

Newmont stock opened at $49.25 on Thursday. 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 has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a market cap of $56.79 billion, a PE ratio of -18.45, a PEG ratio of 0.43 and a beta of 0.50. The company’s 50-day moving average is $53.43 and its two-hundred day moving average is $46.74.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

A number of large investors have recently bought and sold shares of the company. Heathbridge Capital Management Ltd. boosted its position in Newmont by 2.0% during the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after acquiring an additional 200 shares during the last quarter. E. Ohman J or Asset Management AB boosted its position in Newmont by 0.4% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock worth $2,562,000 after acquiring an additional 200 shares during the last quarter. Fulton Bank N.A. boosted its holdings in shares of Newmont by 1.5% in the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after buying an additional 221 shares during the last quarter. Good Life Advisors LLC boosted its holdings in shares of Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock valued at $277,000 after buying an additional 229 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. boosted 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 buying an additional 233 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.