Q2 2024 EPS Estimates for Newmont Co. Lowered by Raymond James (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Investment analysts at Raymond James reduced their Q2 2024 earnings estimates for shares of Newmont in a research report issued to clients and investors on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.35 per share for the quarter, down from their previous estimate of $0.37. The consensus estimate for Newmont’s current full-year earnings is $2.02 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $1.71 EPS.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.44 billion. During the same period in the previous year, the company earned $0.44 EPS. The company’s quarterly revenue was up 23.7% compared to the same quarter last year.

A number of other research firms have also recently commented on NEM. Scotiabank decreased their target price on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Jefferies Financial Group assumed coverage on shares of Newmont in a research report on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price on the stock. StockNews.com cut shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Finally, BMO Capital Markets cut their price target on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Newmont presently has a consensus rating of “Hold” and an average target price of $51.97.

Newmont Stock Performance

NYSE NEM opened at $38.56 on Thursday. The firm’s 50-day moving average is $34.59 and its two-hundred day moving average is $36.80. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25.

Newmont Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. Newmont’s payout ratio is -42.02%.

Institutional Trading of Newmont

Large investors have recently made changes to their positions in the company. AMF Tjanstepension AB increased its stake in Newmont by 7.9% in the first quarter. AMF Tjanstepension AB now owns 473,322 shares of the basic materials company’s stock valued at $16,982,000 after purchasing an additional 34,634 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Newmont in the first quarter valued at approximately $234,000. Buckley Wealth Management LLC increased its stake in Newmont by 2.8% in the first quarter. Buckley Wealth Management LLC now owns 63,715 shares of the basic materials company’s stock valued at $2,284,000 after purchasing an additional 1,750 shares during the last quarter. 180 Wealth Advisors LLC purchased a new position in Newmont in the first quarter valued at approximately $207,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Newmont by 13.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 139,631 shares of the basic materials company’s stock valued at $5,004,000 after purchasing an additional 16,902 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.