FY2024 Earnings Forecast for Newmont Co. Issued By Raymond James (NYSE:NEM)

Newmont Co. (NYSE:NEMFree Report) – Equities researchers at Raymond James increased their FY2024 earnings estimates for shares of Newmont in a research note issued on Monday, July 8th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $2.60 per share for the year, up from their prior forecast of $2.58. The consensus estimate for Newmont’s current full-year earnings is $2.48 per share. Raymond James also issued estimates for Newmont’s Q2 2025 earnings at $0.57 EPS, Q3 2025 earnings at $0.59 EPS and FY2025 earnings at $2.29 EPS.

Newmont (NYSE:NEMGet Free Report) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the prior year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 50.2% compared to the same quarter last year.

Several other equities research analysts have also recently weighed in on the stock. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and upped their price target for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Sanford C. Bernstein decreased their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 16th. Bank of America increased their target price on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Finally, BMO Capital Markets decreased their target price on shares of Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Tuesday, May 21st. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.07.

Read Our Latest Research Report on NEM

Newmont Price Performance

Shares of NEM opened at $47.17 on Wednesday. The company has a 50 day moving average price of $42.29 and a 200-day moving average price of $38.30. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $47.21. The stock has a market capitalization of $54.39 billion, a PE ratio of -17.67, a PEG ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were paid a $0.25 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.12%. Newmont’s payout ratio is currently -37.45%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in Newmont during the first quarter valued at $25,000. Life Planning Partners Inc acquired a new stake in shares of Newmont in the fourth quarter valued at about $26,000. Manchester Capital Management LLC grew its position in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares during the period. CVA Family Office LLC acquired a new stake in shares of Newmont in the fourth quarter valued at about $34,000. Finally, Heritage Wealth Advisors grew its position in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

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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.

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Earnings History and Estimates for Newmont (NYSE:NEM)

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