National Bank Financial Estimates Newmont FY2024 Earnings

Newmont Co. (NYSE:NEM) – National Bank Financial lifted their FY2024 earnings estimates for Newmont in a research report issued to clients and investors on Monday, February 10th. National Bank Financial analyst M. Parkin now expects that the basic materials company will earn $3.42 per share for the year, up from their previous forecast of $3.29. The consensus estimate for Newmont’s current full-year earnings is $3.09 per share.

Several other research firms have also recently commented on NEM. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Royal Bank of Canada upped their target price on shares of Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Bernstein Bank upped their target price on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. CLSA assumed coverage on shares of Newmont in a research report on Friday, November 29th. They issued an “underperform” rating for the company. Finally, UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.37.

Newmont Price Performance

NEM opened at $46.83 on Wednesday. The firm has a market cap of $53.31 billion, a price-to-earnings ratio of -30.81, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company’s 50-day moving average price is $40.66 and its 200 day moving average price is $46.49. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Institutional Investors Weigh In On Newmont

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. Avior Wealth Management LLC lifted its position in Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Newmont during the 3rd quarter valued at $28,000. Highline Wealth Partners LLC bought a new position in shares of Newmont during the 3rd quarter valued at $32,000. HHM Wealth Advisors LLC raised its holdings in shares of Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 350 shares in the last quarter. Finally, Promus Capital LLC bought a new position in shares of Newmont during the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the executive vice president now owns 82,596 shares in the company, valued at approximately $3,303,840. This represents a 3.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry M. Iv Conger purchased 9,498 shares of Newmont stock in a transaction that occurred on Wednesday, November 27th. The stock was purchased at an average price of $42.15 per share, with a total value of $400,340.70. Following the transaction, the director now owns 14,498 shares in the company, valued at $611,090.70. This represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 28,154 shares of company stock worth $1,166,843. Corporate insiders own 0.06% 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.