Newmont Co. to Post Q4 2022 Earnings of $0.72 Per Share, Raymond James Forecasts (NYSE:NEM)

Newmont Co. (NYSE:NEMGet Rating) – Raymond James dropped their Q4 2022 earnings estimates for Newmont in a report released on Thursday, September 15th. Raymond James analyst B. Macarthur now expects that the basic materials company will earn $0.72 per share for the quarter, down from their previous estimate of $0.77. Raymond James currently has a “Outperform” rating and a $69.00 target price on the stock. The consensus estimate for Newmont’s current full-year earnings is $2.61 per share.

Newmont (NYSE:NEMGet Rating) last issued its quarterly earnings data on Monday, July 25th. The basic materials company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.14). The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. Newmont had a net margin of 6.40% and a return on equity of 9.13%. The business’s revenue was down .2% on a year-over-year basis. During the same period last year, the company posted $0.83 earnings per share.

Several other brokerages also recently commented on NEM. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and lowered their price objective for the company from $66.00 to $60.00 in a research note on Wednesday, July 27th. National Bank Financial raised shares of Newmont from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, July 27th. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and decreased their price target for the stock from $66.00 to $60.00 in a research note on Wednesday, July 27th. The Goldman Sachs Group began coverage on shares of Newmont in a research note on Monday, September 12th. They issued a “buy” rating and a $53.00 price target for the company. Finally, UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, September 6th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Hold” and an average price target of $66.94.

Newmont Stock Performance

Shares of NYSE:NEM opened at $44.27 on Monday. The company has a market cap of $35.14 billion, a price-to-earnings ratio of 44.72 and a beta of 0.29. The company has a 50-day moving average price of $46.24 and a 200-day moving average price of $62.55. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28. Newmont has a 12 month low of $40.27 and a 12 month high of $86.37.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date is Wednesday, September 7th. Newmont’s payout ratio is 222.22%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $59.43, for a total transaction of $653,730.00. Following the sale, the chief executive officer now owns 265,949 shares in the company, valued at $15,805,349.07. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $45.35, for a total transaction of $136,050.00. Following the sale, the chief operating officer now owns 48,947 shares in the company, valued at $2,219,746.45. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $59.43, for a total transaction of $653,730.00. Following the sale, the chief executive officer now owns 265,949 shares in the company, valued at approximately $15,805,349.07. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $2,081,920 over the last 90 days. 0.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Newmont by 0.8% in the first quarter. BlackRock Inc. now owns 92,339,052 shares of the basic materials company’s stock worth $7,336,337,000 after purchasing an additional 703,555 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Newmont by 1.9% in the first quarter. Vanguard Group Inc. now owns 66,911,768 shares of the basic materials company’s stock worth $5,316,140,000 after purchasing an additional 1,225,458 shares during the last quarter. State Street Corp raised its position in Newmont by 0.7% in the first quarter. State Street Corp now owns 40,619,717 shares of the basic materials company’s stock worth $3,227,237,000 after acquiring an additional 270,396 shares during the period. GQG Partners LLC raised its position in Newmont by 8.5% in the second quarter. GQG Partners LLC now owns 34,781,848 shares of the basic materials company’s stock worth $2,076,250,000 after acquiring an additional 2,710,957 shares during the period. Finally, FMR LLC raised its position in Newmont by 16.6% in the second quarter. FMR LLC now owns 26,859,545 shares of the basic materials company’s stock worth $1,602,709,000 after acquiring an additional 3,819,167 shares during the period. Hedge funds and other institutional investors own 81.11% of the company’s stock.

Newmont Company Profile

(Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Earnings History and Estimates for Newmont (NYSE:NEM)

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