Raymond James Research Analysts Cut Earnings Estimates for Newmont Co. (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James reduced their Q2 2024 earnings per share estimates for Newmont in a research report issued on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $0.35 for the quarter, down from their prior estimate of $0.37. The consensus estimate for Newmont’s current full-year earnings is $2.02 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $1.71 EPS.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01). Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the business earned $0.44 EPS. The company’s revenue for the quarter was up 23.7% on a year-over-year basis.

Several other research analysts also recently weighed in on the company. TD Securities cut their price target on Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. Royal Bank of Canada lowered their price target on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. Jefferies Financial Group assumed coverage on shares of Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price objective for the company. BMO Capital Markets lowered their target price on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Finally, StockNews.com lowered Newmont from a “hold” rating to a “sell” rating in a report on Monday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $51.97.

Newmont Stock Performance

NYSE:NEM opened at $38.55 on Thursday. The company has a market capitalization of $44.44 billion, a P/E ratio of -16.20, a P/E/G ratio of 1.00 and a beta of 0.50. The business has a fifty day simple moving average of $34.70 and a two-hundred day simple moving average of $36.81. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98. Newmont has a 1 year low of $29.42 and a 1 year high of $50.18.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Newmont by 43.8% during the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after buying an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp lifted its stake in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after purchasing an additional 18,664,614 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Newmont by 44.9% in 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 purchasing an additional 7,635,657 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of Newmont by 29.9% during the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Newmont during the 4th quarter valued at about $604,516,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s dividend payout ratio (DPR) is -42.02%.

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.