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

Newmont Co. (NYSE:NEM) – Raymond James cut their Q3 2024 earnings per share estimates for shares of Newmont in a report issued on Tuesday, September 10th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings per share of $0.73 for the quarter, down from their previous forecast of $0.74. The consensus estimate for Newmont’s current full-year earnings is $2.82 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.77 EPS.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (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 business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period last year, the business posted $0.33 EPS. The business’s revenue was up 64.1% compared to the same quarter last year.

A number of other research analysts also recently issued reports on NEM. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price target for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research note on Friday, June 21st. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Jefferies Financial Group boosted their target price on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Newmont Price Performance

Shares of NYSE:NEM opened at $52.89 on Friday. Newmont has a 12-month low of $29.42 and a 12-month high of $53.88. The business’s fifty day simple moving average is $49.14 and its 200-day simple moving average is $42.54. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Newmont

Several large investors have recently bought and sold shares of NEM. Principal Securities Inc. purchased a new stake in Newmont during the 4th quarter worth approximately $83,000. QRG Capital Management Inc. increased its stake in Newmont by 7.2% during the 4th quarter. QRG Capital Management Inc. now owns 41,832 shares of the basic materials company’s stock worth $1,731,000 after buying an additional 2,816 shares in the last quarter. Principal Financial Group Inc. increased its stake in Newmont by 34.1% during the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after buying an additional 325,320 shares in the last quarter. Ieq Capital LLC increased its stake in Newmont by 9.8% during the 4th quarter. Ieq Capital LLC now owns 14,985 shares of the basic materials company’s stock worth $620,000 after buying an additional 1,341 shares in the last quarter. Finally, Checchi Capital Advisers LLC purchased a new stake in Newmont during the 4th quarter worth approximately $263,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. 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 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.89%. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

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.