Brokerages Anticipate Newmont Goldcorp Corp (NYSE:NEM) Will Post Quarterly Sales of $2.39 Billion

Equities analysts forecast that Newmont Goldcorp Corp (NYSE:NEM) will report $2.39 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Newmont Goldcorp’s earnings, with the highest sales estimate coming in at $2.54 billion and the lowest estimate coming in at $2.11 billion. Newmont Goldcorp posted sales of $2.26 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 5.8%. The company is scheduled to issue its next earnings results on Thursday, July 23rd.

According to Zacks, analysts expect that Newmont Goldcorp will report full-year sales of $11.85 billion for the current year, with estimates ranging from $10.88 billion to $14.24 billion. For the next fiscal year, analysts anticipate that the company will report sales of $13.94 billion, with estimates ranging from $11.54 billion to $19.05 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Newmont Goldcorp.

Newmont Goldcorp (NYSE:NEM) last announced its earnings results on Tuesday, May 5th. The basic materials company reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.02). Newmont Goldcorp had a net margin of 33.66% and a return on equity of 5.10%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the firm posted $0.33 EPS. The business’s quarterly revenue was up 43.2% on a year-over-year basis.

A number of analysts have recently commented on NEM shares. TD Securities boosted their target price on shares of Newmont Goldcorp from $81.00 to $83.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their target price on shares of Newmont Goldcorp from $70.00 to $73.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Deutsche Bank upped their price target on shares of Newmont Goldcorp from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Bank of America reiterated a “buy” rating and issued a $82.00 price target (up previously from $73.00) on shares of Newmont Goldcorp in a research note on Wednesday, May 6th. Finally, Raymond James set a $73.00 price target on shares of Newmont Goldcorp and gave the stock an “outperform” rating in a research note on Wednesday, May 20th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $69.42.

Shares of NEM stock traded up $2.20 during mid-day trading on Thursday, reaching $61.74. 9,271,676 shares of the company’s stock traded hands, compared to its average volume of 9,468,904. Newmont Goldcorp has a 12 month low of $33.00 and a 12 month high of $69.13. The company has a market cap of $47.86 billion, a P/E ratio of 14.26 and a beta of 0.38. The company has a quick ratio of 2.81, a current ratio of 3.31 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $59.65 and its 200-day moving average price is $50.88.

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were given a $0.25 dividend. This is a positive change from Newmont Goldcorp’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 1.62%. Newmont Goldcorp’s payout ratio is 75.76%.

In other news, EVP Stephen P. Gottesfeld sold 3,500 shares of the company’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $49.79, for a total transaction of $174,265.00. Following the completion of the sale, the executive vice president now owns 173,444 shares of the company’s stock, valued at approximately $8,635,776.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 4,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $45.04, for a total transaction of $180,160.00. Following the sale, the chief executive officer now directly owns 286,597 shares of the company’s stock, valued at approximately $12,908,328.88. The disclosure for this sale can be found here. In the last three months, insiders sold 106,053 shares of company stock valued at $6,520,552. 0.28% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its position in shares of Newmont Goldcorp by 4.7% during the 4th quarter. Van ECK Associates Corp now owns 39,275,253 shares of the basic materials company’s stock valued at $1,706,510,000 after acquiring an additional 1,764,699 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Newmont Goldcorp by 9.7% during the 1st quarter. Geode Capital Management LLC now owns 13,982,963 shares of the basic materials company’s stock valued at $632,066,000 after acquiring an additional 1,236,186 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Newmont Goldcorp by 27.1% during the 4th quarter. Renaissance Technologies LLC now owns 9,234,499 shares of the basic materials company’s stock valued at $401,242,000 after acquiring an additional 1,966,320 shares during the last quarter. Norges Bank bought a new position in shares of Newmont Goldcorp during the 4th quarter valued at approximately $378,296,000. Finally, Swiss National Bank boosted its position in shares of Newmont Goldcorp by 15.4% during the 1st quarter. Swiss National Bank now owns 6,920,258 shares of the basic materials company’s stock valued at $313,349,000 after acquiring an additional 925,700 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

About Newmont Goldcorp

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.

Featured Article: No Load Funds

Get a free copy of the Zacks research report on Newmont Goldcorp (NEM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Newmont Goldcorp (NYSE:NEM)

Receive News & Ratings for Newmont Goldcorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newmont Goldcorp and related companies with MarketBeat.com's FREE daily email newsletter.