FY2024 Earnings Forecast for Newmont Issued By Raymond James

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James reduced their FY2024 earnings per share estimates for Newmont in a report issued on Monday, November 25th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $2.96 per share for the year, down from their prior estimate of $2.98. Raymond James has a “Outperform” rating and a $59.00 price target on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.08 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $3.15 EPS.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the company posted $0.36 EPS. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year.

A number of other research analysts also recently issued reports on NEM. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Jefferies Financial Group raised their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Stock Up 0.1 %

Shares of Newmont stock opened at $42.04 on Tuesday. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The business has a 50-day moving average of $49.57 and a two-hundred day moving average of $47.47. The company has a market capitalization of $47.86 billion, a P/E ratio of -27.66, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is -65.79%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The trade was a 6.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC bought a new stake in Newmont during the 1st quarter worth approximately $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Newmont during the second quarter worth $25,000. Meeder Asset Management Inc. purchased a new stake in shares of Newmont during the second quarter worth $27,000. Hoese & Co LLP purchased a new stake in shares of Newmont during the third quarter worth $27,000. Finally, Avior Wealth Management LLC increased its holdings in shares of Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 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.