Brokers Offer Predictions for Newmont Co.’s Q2 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Research analysts at Raymond James upped their Q2 2024 earnings per share (EPS) estimates for Newmont in a research report issued on Monday, July 8th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $0.60 for the quarter, up from their previous forecast of $0.59. The consensus estimate for Newmont’s current full-year earnings is $2.48 per share.

NEM has been the subject of several other reports. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and increased their price target for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price objective for the company from $46.00 to $61.00 in a research report on Wednesday. Sanford C. Bernstein reduced their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. Finally, Citigroup lowered their target price on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.21.

Newmont Stock Performance

NYSE:NEM opened at $47.51 on Thursday. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. The firm’s fifty day simple moving average is $42.42 and its 200 day simple moving average is $38.34. The stock has a market cap of $54.79 billion, a P/E ratio of -17.79, a price-to-earnings-growth ratio of 0.38 and a beta of 0.47. Newmont has a twelve month low of $29.42 and a twelve month high of $48.02.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same period last year, the company earned $0.40 EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NEM. Vanguard Group Inc. raised its position in shares of Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after buying an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Newmont by 57.2% in the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after buying an additional 18,664,614 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after acquiring an additional 7,635,657 shares in the last quarter. First Eagle Investment Management LLC lifted its holdings in Newmont by 29.9% during the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock worth $983,267,000 after buying an additional 5,475,155 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after purchasing an additional 6,617,145 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.06% of the company’s stock.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.10%. Newmont’s dividend payout ratio is presently -37.45%.

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.