FY2024 Earnings Estimate for Newmont Co. (NYSE:NEM) Issued By Raymond James

Newmont Co. (NYSE:NEM) – Stock analysts at Raymond James raised their FY2024 earnings per share (EPS) estimates for Newmont in a report released on Tuesday, September 10th. Raymond James analyst B. Macarthur now expects that the basic materials company will earn $2.78 per share for the year, up from their previous estimate of $2.73. The consensus estimate for Newmont’s current full-year earnings is $2.82 per share.

Several other equities research analysts also recently issued reports on the company. Bank of America increased their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Sanford C. Bernstein reduced their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 16th. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

Newmont Price Performance

NEM opened at $50.74 on Thursday. The stock has a market cap of $58.51 billion, a P/E ratio of -19.00, a P/E/G ratio of 0.37 and a beta of 0.49. Newmont has a 12 month low of $29.42 and a 12 month high of $53.88. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $48.95 and a 200 day simple moving average of $42.46.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the business posted $0.33 EPS. Newmont’s revenue was up 64.1% on a year-over-year basis.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.97%. Newmont’s dividend payout ratio is -37.45%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $2,744,700 over the last three months. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently modified their holdings of the business. LRI Investments LLC bought a new stake in Newmont in the 1st quarter valued at about $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont in the second quarter valued at approximately $25,000. Manchester Capital Management LLC boosted its stake in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares during the period. Meeder Asset Management Inc. acquired a new stake in Newmont during the second quarter worth approximately $27,000. Finally, Heritage Wealth Advisors increased its stake in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the period. Institutional investors own 68.85% of the company’s stock.

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.