What is Raymond James’ Estimate for Newmont FY2024 Earnings?

Newmont Co. (NYSE:NEM) – Analysts at Raymond James decreased their FY2024 earnings per share (EPS) estimates for Newmont in a research report issued on Monday, November 25th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings of $2.96 per share for the year, down from their previous estimate of $2.98. Raymond James currently has a “Outperform” rating and a $59.00 target price on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.09 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q4 2025 earnings at $0.81 EPS and FY2025 earnings at $3.15 EPS.

A number of other brokerages have also issued reports on NEM. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and cut their target price for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. Bernstein Bank upped their price target on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Down 2.1 %

Shares of NYSE NEM opened at $42.46 on Tuesday. The firm’s fifty day moving average is $50.01 and its 200 day moving average is $47.51. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market cap of $48.34 billion, a price-to-earnings ratio of -27.93, a PEG ratio of 0.38 and a beta of 0.51.

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

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in NEM. LRI Investments LLC purchased a new position in Newmont in the 1st quarter worth approximately $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Newmont in the 2nd quarter worth $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont in the second quarter worth $27,000. Hoese & Co LLP bought a new position in shares of Newmont during the third quarter valued at $27,000. Finally, Avior Wealth Management LLC boosted its position in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were 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 directly owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This represents a 6.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at approximately $4,963,452.12. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is currently owned by company insiders.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s 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.