Newmont Co. (NYSE:NEM) to Post Q3 2024 Earnings of $0.88 Per Share, Raymond James Forecasts

Newmont Co. (NYSE:NEM) – Raymond James raised their Q3 2024 earnings per share (EPS) estimates for Newmont in a note issued to investors on Monday, September 23rd. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $0.88 for the quarter, up from their prior forecast of $0.73. The consensus estimate for Newmont’s current full-year earnings is $2.88 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.96 EPS, Q1 2025 earnings at $0.91 EPS, Q2 2025 earnings at $0.95 EPS, Q3 2025 earnings at $0.97 EPS, Q4 2025 earnings at $0.97 EPS and FY2025 earnings at $3.80 EPS.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.33 earnings per share.

NEM has been the topic of several other reports. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $48.00 to $59.00 in a report on Monday, August 19th. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. UBS Group boosted their price target on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Finally, CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $52.62.

Newmont Stock Down 2.9 %

Shares of NEM stock opened at $53.90 on Thursday. The company’s fifty day simple moving average is $50.70 and its two-hundred day simple moving average is $44.07. Newmont has a 52 week low of $29.42 and a 52 week high of $56.30. The stock has a market cap of $62.15 billion, a P/E ratio of -20.19, a PEG ratio of 0.47 and a beta of 0.49. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s payout ratio is currently -37.45%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly 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 is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont 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. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock worth $2,744,700 over the last 90 days. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Several institutional investors and hedge funds have recently made changes to their positions in NEM. Vanguard Group Inc. increased its position in Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after purchasing an additional 16,190,422 shares during the period. Van ECK Associates Corp boosted its stake in shares of Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. Northern Trust Corp increased its holdings in Newmont by 25.9% during the fourth quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock valued at $537,594,000 after buying an additional 2,671,774 shares during the period. Legal & General Group Plc raised its stake in Newmont by 1.4% in the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after buying an additional 109,084 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after buying an additional 545,903 shares during the period. 68.85% of the stock is currently owned by institutional investors.

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.