Scotiabank Has Optimistic Outlook of Newmont FY2024 Earnings

Newmont Co. (NYSE:NEM) – Investment analysts at Scotiabank increased their FY2024 earnings per share (EPS) estimates for shares of Newmont in a report issued on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now expects that the basic materials company will post earnings per share of $3.27 for the year, up from their previous forecast of $2.94. Scotiabank has a “Sector Perform” rating and a $55.00 price objective on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.08 per share. Scotiabank also issued estimates for Newmont’s FY2025 earnings at $3.37 EPS.

A number of other equities research analysts also recently weighed in on the company. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. CLSA initiated coverage on shares of Newmont in a research note on Friday, November 29th. They issued an “underperform” rating for the company. Jefferies Financial Group increased their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Royal Bank of Canada reduced their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Finally, Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Stock Up 2.4 %

NYSE:NEM opened at $39.07 on Friday. 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 has a one year low of $29.42 and a one year high of $58.72. The firm’s 50 day simple moving average is $40.86 and its 200 day simple moving average is $46.88. The company has a market cap of $44.48 billion, a PE ratio of -25.70, a P/E/G ratio of 0.35 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue was up 84.7% compared to the same quarter last year. During the same period last year, the business earned $0.36 earnings per share.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Strategic Financial Concepts LLC bought a new position in shares of Newmont in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new position in Newmont in the second quarter worth $27,000. Hoese & Co LLP bought a new position in Newmont in the 3rd quarter valued at $27,000. Avior Wealth Management LLC increased its position in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 326 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new stake in shares of Newmont during the 3rd quarter worth $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In other news, Director Harry M. Iv Conger purchased 9,498 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were bought at an average cost of $42.15 per share, with a total value of $400,340.70. Following the completion of the transaction, the director now directly owns 14,498 shares of the company’s stock, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.06% of the stock is owned by insiders.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. Newmont’s dividend payout ratio is presently -65.79%.

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.