Raymond James Comments on Newmont Co.’s Q4 2022 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEMGet Rating) – Analysts at Raymond James cut their Q4 2022 earnings per share (EPS) estimates for Newmont in a research note issued on Thursday, September 15th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.72 per share for the quarter, down from their previous forecast of $0.77. Raymond James currently has a “Outperform” rating and a $69.00 target price on the stock. The consensus estimate for Newmont’s current full-year earnings is $2.61 per share.

Newmont (NYSE:NEMGet Rating) last announced its quarterly earnings data on Monday, July 25th. The basic materials company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.14). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the company posted $0.83 earnings per share. Newmont’s revenue for the quarter was down .2% on a year-over-year basis.

Several other equities analysts have also weighed in on the company. Canaccord Genuity Group raised Newmont from a “hold” rating to a “buy” rating and reduced their price objective for the company from $66.00 to $60.00 in a report on Wednesday, July 27th. Fundamental Research cut their price target on Newmont from $79.52 to $63.91 and set a “buy” rating for the company in a report on Tuesday, August 9th. Canaccord Genuity Group raised Newmont from a “hold” rating to a “buy” rating and cut their price target for the stock from $66.00 to $60.00 in a report on Wednesday, July 27th. National Bank Financial raised Newmont from a “sector perform” rating to an “outperform” rating in a report on Wednesday, July 27th. Finally, The Goldman Sachs Group started coverage on Newmont in a report on Monday, September 12th. They issued a “buy” rating and a $53.00 price target for the company. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $66.94.

Newmont Price Performance

Shares of NYSE NEM opened at $43.71 on Monday. The stock has a fifty day simple moving average of $46.24 and a two-hundred day simple moving average of $62.61. Newmont has a 1-year low of $40.27 and a 1-year high of $86.37. The firm has a market cap of $34.69 billion, a price-to-earnings ratio of 44.15 and a beta of 0.29. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28.

Institutional Trading of Newmont

Large investors have recently bought and sold shares of the company. Rafferty Asset Management LLC purchased a new position in shares of Newmont during the fourth quarter valued at approximately $201,000. Cibc World Markets Corp lifted its holdings in shares of Newmont by 8.6% during the fourth quarter. Cibc World Markets Corp now owns 48,925 shares of the basic materials company’s stock valued at $3,034,000 after purchasing an additional 3,876 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Newmont by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 12,994,833 shares of the basic materials company’s stock valued at $803,531,000 after purchasing an additional 330,167 shares during the last quarter. Alberta Investment Management Corp lifted its holdings in shares of Newmont by 134.5% during the fourth quarter. Alberta Investment Management Corp now owns 734,600 shares of the basic materials company’s stock valued at $45,560,000 after purchasing an additional 421,400 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Newmont by 8.2% during the fourth quarter. Invesco Ltd. now owns 10,979,409 shares of the basic materials company’s stock valued at $680,941,000 after purchasing an additional 828,178 shares during the last quarter. 81.11% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $59.43, for a total transaction of $653,730.00. Following the transaction, the chief executive officer now directly owns 265,949 shares of the company’s stock, valued at $15,805,349.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $59.43, for a total value of $653,730.00. Following the sale, the chief executive officer now directly owns 265,949 shares of the company’s stock, valued at $15,805,349.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $59.43, for a total value of $178,290.00. Following the completion of the sale, the chief operating officer now directly owns 64,617 shares in the company, valued at $3,840,188.31. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,000 shares of company stock valued at $2,081,920. 0.11% of the stock is currently owned by insiders.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.03%. Newmont’s dividend payout ratio (DPR) is currently 222.22%.

Newmont Company Profile

(Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Earnings History and Estimates for Newmont (NYSE:NEM)

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