Q2 2024 EPS Estimates for Newmont Co. (NYSE:NEM) Cut by Raymond James

Newmont Co. (NYSE:NEM) – Stock analysts at Raymond James decreased their Q2 2024 earnings per share estimates for shares of Newmont in a research note issued to investors on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $0.35 for the quarter, down from their prior forecast of $0.37. The consensus estimate for Newmont’s current full-year earnings is $2.01 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $1.71 EPS.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.01). The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 earnings per share.

Several other equities research analysts also recently issued reports on NEM. National Bank Financial restated an “outperform overweight” rating on shares of Newmont in a report on Monday, April 8th. Royal Bank of Canada lowered their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. Argus lowered Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Citigroup reduced their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Finally, BMO Capital Markets reduced their price objective on Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $51.97.

Newmont Stock Performance

Shares of NYSE:NEM opened at $39.03 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. Newmont has a one year low of $29.42 and a one year high of $50.18. The business’s 50-day simple moving average is $34.82 and its 200 day simple moving average is $36.83. The company has a market cap of $44.99 billion, a P/E ratio of -16.40, a PEG ratio of 1.02 and a beta of 0.50.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Blair William & Co. IL raised its position in shares of Newmont by 14.8% during the first quarter. Blair William & Co. IL now owns 42,511 shares of the basic materials company’s stock worth $3,378,000 after purchasing an additional 5,484 shares during the period. Sei Investments Co. increased its position in Newmont by 19.3% in the 1st quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock worth $5,219,000 after purchasing an additional 10,692 shares during the last quarter. Cetera Investment Advisers increased its position in Newmont by 46.9% in the 1st quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock worth $2,217,000 after purchasing an additional 8,915 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Newmont by 7.2% during the 1st quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock worth $47,324,000 after acquiring an additional 39,765 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Newmont by 25.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 278 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were issued a $0.25 dividend. The ex-dividend date was Monday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.56%. Newmont’s dividend payout ratio (DPR) is -42.02%.

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.