National Bank Financial Predicts Higher Earnings for Newmont

Newmont Co. (NYSE:NEM) – Investment analysts at National Bank Financial upped their FY2024 earnings per share (EPS) estimates for Newmont in a report issued on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now anticipates that the basic materials company will earn $3.26 per share for the year, up from their prior forecast of $2.91. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $4.42 EPS.

A number of other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price target for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, BMO Capital Markets raised their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.46.

Newmont Stock Performance

Shares of NYSE NEM opened at $49.25 on Friday. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The company has a market capitalization of $56.51 billion, a PE ratio of -23.23, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company’s fifty day moving average price is $53.43 and its 200 day moving average price is $46.74.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate 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 8.35% and a negative net margin of 13.16%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 EPS.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Newmont by 13.6% in the first 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. Maj Invest Holding A S boosted its position in Newmont by 296.0% in the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after buying an additional 2,561,823 shares during the period. Capital International Investors acquired a new position in shares of Newmont in the first quarter worth $49,444,000. Van ECK Associates Corp increased its position 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 worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after purchasing an additional 1,096,905 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock worth $3,434,640 in the last 90 days. Insiders own 0.06% of the company’s stock.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.03%. Newmont’s dividend payout ratio (DPR) is -47.17%.

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.