Zacks Research Brokers Boost Earnings Estimates for Newmont

Newmont Co. (NYSE:NEM) – Investment analysts at Zacks Research raised their FY2024 earnings per share estimates for shares of Newmont in a research note issued on Tuesday, November 5th. Zacks Research analyst A. Barman now anticipates that the basic materials company will post earnings of $3.06 per share for the year, up from their prior estimate of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.12 per share. Zacks Research also issued estimates for Newmont’s Q4 2024 earnings at $0.98 EPS, Q1 2025 earnings at $0.70 EPS, Q2 2025 earnings at $0.74 EPS, Q4 2025 earnings at $1.05 EPS, FY2025 earnings at $3.41 EPS, Q1 2026 earnings at $1.08 EPS, Q2 2026 earnings at $0.96 EPS and Q3 2026 earnings at $1.10 EPS.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter last year, the company posted $0.36 earnings per share. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year.

NEM has been the topic of a number of other research reports. Raymond James upped their target price on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.85.

Newmont Stock Up 1.5 %

NEM stock opened at $45.16 on Thursday. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $51.41 billion, a P/E ratio of -29.69, a PEG ratio of 0.38 and a beta of 0.51. The firm has a 50 day simple moving average of $52.49 and a 200-day simple moving average of $47.30.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,000 shares of company stock valued at $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the business. Red Cedar Investment Management LLC acquired a new stake in shares of Newmont in the third quarter worth $1,263,000. Bessemer Group Inc. lifted its position in Newmont by 7.5% during the 1st quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 529 shares during the last quarter. Herr Investment Group LLC bought a new stake in Newmont during the second quarter valued at about $419,000. Truist Financial Corp grew its position in shares of Newmont by 8.1% in the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after purchasing an additional 11,276 shares during the last quarter. Finally, Cetera Trust Company N.A bought a new position in shares of Newmont in the third quarter worth about $705,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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.