Zacks Research Analysts Raise Earnings Estimates for Newmont

Newmont Co. (NYSE:NEM) – Stock analysts at Zacks Research boosted their FY2024 earnings per share (EPS) estimates for Newmont in a research note issued to investors on Tuesday, November 5th. Zacks Research analyst A. Barman now anticipates that the basic materials company will post earnings per share of $3.06 for the year, up from their prior estimate of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.12 per share. Zacks Research also issued estimates for Newmont’s Q4 2024 earnings at $0.98 EPS, Q1 2025 earnings at $0.70 EPS, Q2 2025 earnings at $0.74 EPS, Q4 2025 earnings at $1.05 EPS, FY2025 earnings at $3.41 EPS, Q1 2026 earnings at $1.08 EPS, Q2 2026 earnings at $0.96 EPS and Q3 2026 earnings at $1.10 EPS.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.

Several other analysts have also issued reports on NEM. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Royal Bank of Canada lowered their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.85.

Newmont Trading Down 3.3 %

NYSE:NEM opened at $44.48 on Thursday. Newmont has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $52.49 and its 200 day moving average is $47.30. The stock has a market capitalization of $50.64 billion, a PE ratio of -29.26, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Heathbridge Capital Management Ltd. increased its stake in shares of Newmont by 2.0% during the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after buying an additional 200 shares during the period. E. Ohman J or Asset Management AB boosted its holdings in Newmont by 0.4% in the third quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after acquiring an additional 200 shares in the last quarter. Fulton Bank N.A. increased its position in Newmont by 1.5% during the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 221 shares during the period. Carmel Capital Partners LLC raised its holdings in Newmont by 4.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 226 shares in the last quarter. Finally, Good Life Advisors LLC lifted its position in shares of Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 229 shares during the period. Institutional investors own 68.85% of the company’s stock.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’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 transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company’s stock.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.25%. Newmont’s dividend payout ratio is currently -65.79%.

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.