Q3 2024 EPS Estimates for Newmont Co. (NYSE:NEM) Reduced by Raymond James

Newmont Co. (NYSE:NEM) – Raymond James dropped their Q3 2024 EPS estimates for shares of Newmont in a report released on Tuesday, October 8th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.82 per share for the quarter, down from their previous forecast of $0.88. The consensus estimate for Newmont’s current full-year earnings is $3.10 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $3.06 EPS, Q1 2025 earnings at $0.89 EPS, Q2 2025 earnings at $0.92 EPS, Q3 2025 earnings at $0.93 EPS, Q4 2025 earnings at $0.95 EPS and FY2025 earnings at $3.69 EPS.

Other equities analysts have also recently issued reports about the stock. Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. UBS Group lifted their price target on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Bank of America lifted their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.31.

Newmont Trading Up 1.7 %

NEM stock opened at $54.30 on Friday. The firm has a market cap of $62.31 billion, a PE ratio of -25.61, a price-to-earnings-growth ratio of 0.43 and a beta of 0.50. The firm has a fifty day moving average price of $51.88 and a 200 day moving average price of $45.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $56.30.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. Newmont’s payout ratio is -47.17%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on 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 approximately $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 approximately $15,420,830.19. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $3,434,640 in the last three months. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of the business. American International Group Inc. boosted its position in Newmont by 24.8% during the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after acquiring an additional 58,217 shares in the last quarter. Virtu Financial LLC bought a new stake in Newmont during the fourth quarter valued at about $3,313,000. GLOBALT Investments LLC GA purchased a new position in Newmont in the fourth quarter valued at about $2,570,000. Bessemer Group Inc. raised its holdings in Newmont by 7.5% in the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 529 shares in the last quarter. Finally, Herr Investment Group LLC purchased a new stake in shares of Newmont during the second quarter valued at about $419,000. 68.85% of the stock is currently owned by 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.