Newmont (NYSE:NEM) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Newmont (NYSE:NEM) released its quarterly earnings results on Wednesday. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05), Briefing.com reports. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share.

Newmont Price Performance

NEM stock traded down $6.59 during midday trading on Thursday, reaching $51.15. 13,084,077 shares of the stock were exchanged, compared to its average volume of 10,158,224. The stock has a market capitalization of $58.98 billion, a PE ratio of -19.85, a P/E/G ratio of 0.43 and a beta of 0.50. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company has a fifty day moving average price of $53.43 and a 200 day moving average price of $46.74.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NEM. UBS Group lifted their price target on Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. Bank of America lifted their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $48.00 to $59.00 in a report on Monday, August 19th. Finally, Royal Bank of Canada dropped their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday. Five analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.46.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 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 $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock worth $3,434,640 in the last 90 days. Insiders own 0.06% of the company’s stock.

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.