Q3 2024 EPS Estimates for Newmont Co. (NYSE:NEM) Reduced by Analyst

Newmont Co. (NYSE:NEM) – Stock analysts at Raymond James dropped their Q3 2024 earnings per share (EPS) estimates for Newmont in a research note issued on Tuesday, October 8th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $0.82 per share for the quarter, down from their previous forecast of $0.88. The consensus estimate for Newmont’s current full-year earnings is $3.10 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $3.06 EPS, Q1 2025 earnings at $0.89 EPS, Q2 2025 earnings at $0.92 EPS, Q3 2025 earnings at $0.93 EPS, Q4 2025 earnings at $0.95 EPS and FY2025 earnings at $3.69 EPS.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the previous year, the firm posted $0.33 EPS. Newmont’s revenue was up 64.1% compared to the same quarter last year.

A number of other brokerages also recently commented on NEM. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. BMO Capital Markets upped their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $53.31.

Newmont Stock Up 1.3 %

NEM stock opened at $53.40 on Friday. The firm has a market cap of $61.27 billion, a PE ratio of -25.19, a PEG ratio of 0.43 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont has a one year low of $29.42 and a one year high of $56.30. The firm’s 50 day moving average price is $51.80 and its 200-day moving average price is $45.35.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.87%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -47.17%.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in 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 acquiring an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after buying an additional 1,289,084 shares in the last quarter. Legal & General Group Plc boosted its stake in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after purchasing an additional 109,084 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after purchasing an additional 545,903 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Newmont by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after purchasing an additional 313,736 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.