Scotiabank Has Positive Outlook for Newmont FY2024 Earnings

Newmont Co. (NYSE:NEM) – Analysts at Scotiabank increased their FY2024 EPS estimates for shares of Newmont in a research note issued on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now expects that the basic materials company will earn $3.27 per share for the year, up from their prior estimate of $2.94. Scotiabank currently has a “Sector Perform” rating and a $55.00 target price on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.08 per share. Scotiabank also issued estimates for Newmont’s FY2025 earnings at $3.37 EPS.

Newmont (NYSE:NEM) last posted its earnings results 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). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter last year, the business earned $0.36 EPS. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year.

Several other equities analysts also recently issued reports on NEM. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Royal Bank of Canada cut their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Finally, Bernstein Bank raised their target price on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Trading Up 2.4 %

Shares of NEM stock opened at $39.07 on Friday. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The firm has a 50-day moving average price of $40.86 and a 200 day moving average price of $46.88. 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 capitalization of $44.48 billion, a P/E ratio of -25.70, a P/E/G ratio of 0.35 and a beta of 0.50.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Zurich Insurance Group Ltd FI bought a new position in Newmont in the third quarter valued at approximately $98,011,000. Nordea Investment Management AB grew its stake in shares of Newmont by 173.0% in the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after buying an additional 1,578,545 shares in the last quarter. FMR LLC grew its stake in shares of Newmont by 21.1% in the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after buying an additional 1,226,697 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Newmont by 262.6% during the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after acquiring an additional 1,096,905 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Newmont by 29.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock valued at $197,976,000 after acquiring an additional 1,074,623 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, Director Harry M. Iv Conger purchased 9,498 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were purchased at an average cost of $42.15 per share, with a total value of $400,340.70. Following the transaction, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. This represents a 189.96 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company’s stock.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Wednesday, November 27th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend was Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

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.