Scotiabank Forecasts Newmont’s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Research analysts at Scotiabank raised their FY2024 earnings per share estimates for Newmont in a note issued to investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the basic materials company will post earnings per share of $3.27 for the year, up from their prior estimate of $2.94. Scotiabank currently has a “Sector Perform” rating and a $55.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.08 per share. Scotiabank also issued estimates for Newmont’s FY2025 earnings at $3.37 EPS.

NEM has been the subject of a number of other reports. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Raymond James reduced their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Finally, Royal Bank of Canada lowered 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. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Performance

Shares of NEM opened at $39.09 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The firm has a 50-day moving average of $40.74 and a 200-day moving average of $46.86. The company has a market cap of $44.50 billion, a PE ratio of -25.72, a price-to-earnings-growth ratio of 0.35 and a beta of 0.50. Newmont has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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). The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s revenue was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS.

Hedge Funds Weigh In On Newmont

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Newmont by 1.4% in the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock worth $1,253,457,000 after purchasing an additional 326,243 shares in the last quarter. Legal & General Group Plc raised its holdings in Newmont by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after acquiring an additional 109,084 shares during the period. FMR LLC lifted its position in shares of Newmont by 21.1% during the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after acquiring an additional 1,226,697 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Newmont by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after purchasing an additional 545,903 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Newmont by 29.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock valued at $197,976,000 after purchasing an additional 1,074,623 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity

In other news, Director Harry M. Iv Conger acquired 9,498 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was purchased at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This represents a 189.96 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.06% of the stock is currently owned by company insiders.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.56%. The ex-dividend date was Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

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.