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

Newmont Co. (NYSE:NEM) – Investment analysts at Raymond James raised their Q2 2024 earnings estimates for Newmont in a note issued to investors on Monday, July 8th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings of $0.60 per share for the quarter, up from their prior forecast of $0.59. The consensus estimate for Newmont’s current full-year earnings is $2.48 per share.

Several other equities analysts have also issued reports on the company. Scotiabank boosted their target price on Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 23rd. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday. National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, Sanford C. Bernstein lowered their price objective 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. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $50.21.

Newmont Stock Performance

Shares of NYSE:NEM opened at $47.51 on Thursday. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. Newmont has a 1-year low of $29.42 and a 1-year high of $48.02. The stock has a market capitalization of $54.79 billion, a P/E ratio of -17.79, a P/E/G ratio of 0.38 and a beta of 0.47. The business has a 50-day moving average price of $42.42 and a two-hundred day moving average price of $38.34.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.66 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. Newmont’s revenue was up 50.2% compared to the same quarter last year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Tuesday, June 4th. Newmont’s payout ratio is presently -37.45%.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. LRI Investments LLC acquired a new stake in Newmont in 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 raised its position in shares of Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares during the last quarter. CVA Family Office LLC bought a new position in shares of Newmont during the fourth quarter worth about $34,000. Finally, Heritage Wealth Advisors lifted its stake 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 worth $34,000 after acquiring an additional 878 shares during the period. Institutional investors and hedge funds own 68.85% 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.