Newmont FY2024 EPS Boosted by National Bank Financial

Newmont Co. (NYSE:NEM) – Investment analysts at National Bank Financial raised their FY2024 earnings per share estimates for shares of Newmont in a research note issued 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 prior estimate of $3.29. The consensus estimate for Newmont’s current full-year earnings is $3.09 per share.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group began coverage on shares of Newmont in a report on Monday, January 13th. They issued a “buy” rating and a $47.20 target price on the stock. Bernstein Bank lifted their price objective on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and cut their target price for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Scotiabank lowered their price target on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average target price of $53.37.

Newmont Trading Down 2.1 %

Shares of NYSE NEM opened at $45.51 on Wednesday. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The stock’s fifty day moving average is $40.58 and its 200 day moving average is $46.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,596 shares in the company, valued at $3,303,840. This trade represents a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $89,082.53. Following the completion of the sale, the director now owns 49,993 shares in the company, valued at $2,144,199.77. The trade was a 3.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,154 shares of company stock valued at $1,166,843 in the last ninety days. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently modified their holdings of NEM. Tyler Stone Wealth Management lifted its stake in shares of Newmont by 27.6% in the 4th quarter. Tyler Stone Wealth Management now owns 14,291 shares of the basic materials company’s stock valued at $532,000 after purchasing an additional 3,095 shares during the period. Baxter Bros Inc. increased its holdings in Newmont by 3.3% in the fourth quarter. Baxter Bros Inc. now owns 15,987 shares of the basic materials company’s stock worth $595,000 after purchasing an additional 510 shares in the last quarter. Bay Capital Advisors LLC acquired a new position in Newmont in the fourth quarter valued at approximately $225,000. Minneapolis Portfolio Management Group LLC boosted its holdings in shares of Newmont by 0.5% during the 4th quarter. Minneapolis Portfolio Management Group LLC now owns 676,076 shares of the basic materials company’s stock worth $25,164,000 after buying an additional 3,317 shares in the last quarter. Finally, Sound Shore Management Inc. CT grew its position in shares of Newmont by 59.8% during the 4th quarter. Sound Shore Management Inc. CT now owns 266,940 shares of the basic materials company’s stock worth $9,936,000 after buying an additional 99,910 shares during the period. 68.85% of the stock is owned by institutional investors.

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.