National Bank Financial Estimates Newmont FY2024 Earnings

Newmont Co. (NYSE:NEM) – Analysts at National Bank Financial increased their FY2024 earnings estimates for shares of Newmont in a research report issued on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now expects that the basic materials company will earn $3.26 per share for the year, up from their previous estimate of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $4.42 EPS.

A number of other equities research analysts have also issued reports on NEM. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Royal Bank of Canada cut their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday. Raymond James raised their target price on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, UBS Group raised their target price on shares of Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $54.85.

Newmont Price Performance

Shares of NYSE:NEM opened at $48.42 on Friday. The firm’s 50 day moving average price is $53.42 and its 200-day moving average price is $46.76. The stock has a market capitalization of $55.56 billion, a PE ratio of -22.84, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

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

Institutional Trading of Newmont

A number of hedge funds have recently added to or reduced their stakes in NEM. JFS Wealth Advisors LLC lifted its position in shares of Newmont by 716.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 4,067 shares of the basic materials company’s stock worth $217,000 after purchasing an additional 3,569 shares during the period. Pinnacle Associates Ltd. boosted its stake in shares of Newmont by 24.2% during the third quarter. Pinnacle Associates Ltd. now owns 19,505 shares of the basic materials company’s stock valued at $1,043,000 after purchasing an additional 3,797 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in shares of Newmont by 13.7% during the third quarter. First Trust Direct Indexing L.P. now owns 30,571 shares of the basic materials company’s stock valued at $1,634,000 after purchasing an additional 3,676 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Newmont by 0.5% during the third quarter. New York State Teachers Retirement System now owns 861,012 shares of the basic materials company’s stock valued at $46,021,000 after purchasing an additional 4,637 shares in the last quarter. Finally, Golden State Equity Partners bought a new position in shares of Newmont during the third quarter valued at approximately $436,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction 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 in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction 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 in the company, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 sale, the executive vice president now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is currently owned by insiders.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.07%. Newmont’s dividend payout ratio (DPR) is -47.17%.

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.