Brokers Issue Forecasts for Newmont Co.’s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEMFree Report) – Analysts at National Bank Financial reduced their FY2024 earnings estimates for shares of Newmont in a research note issued to investors on Monday, February 5th. National Bank Financial analyst S. Nagle now forecasts that the basic materials company will earn $2.03 per share for the year, down from their prior estimate of $2.60. National Bank Financial has a “Outperform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $1.62 per share.

A number of other research firms also recently commented on NEM. Raymond James reduced their price objective on shares of Newmont from $59.00 to $57.00 and set an “outperform” rating for the company in a research note on Friday, October 27th. Macquarie initiated coverage on shares of Newmont in a report on Tuesday, November 21st. They issued an “outperform” rating and a $45.00 target price on the stock. BMO Capital Markets dropped their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Wednesday, January 17th. TD Securities cut shares of Newmont from a “buy” rating to a “hold” rating and set a $46.00 target price on the stock. in a report on Tuesday, January 9th. Finally, Royal Bank of Canada dropped their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.76.

Get Our Latest Stock Analysis on NEM

Newmont Price Performance

Shares of NYSE NEM opened at $32.79 on Thursday. The firm has a market cap of $26.06 billion, a PE ratio of -31.83, a PEG ratio of 2.48 and a beta of 0.52. The company has a current ratio of 2.12, a quick ratio of 1.72 and a debt-to-equity ratio of 0.31. Newmont has a 1-year low of $32.54 and a 1-year high of $52.76. The company has a fifty day moving average price of $38.02 and a 200 day moving average price of $38.51.

Insider Transactions at Newmont

In other news, COO Robert D. Atkinson sold 5,500 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $40.25, for a total transaction of $221,375.00. Following the transaction, the chief operating officer now directly owns 59,751 shares of the company’s stock, valued at $2,404,977.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.07% of the company’s stock.

Institutional Trading of Newmont

Several large investors have recently made changes to their positions in NEM. Compass Wealth Management LLC acquired a new stake in shares of Newmont during the 4th quarter worth approximately $25,000. Stone House Investment Management LLC boosted its position in shares of Newmont by 1,241.3% during the 2nd quarter. Stone House Investment Management LLC now owns 617 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 571 shares in the last quarter. TFC Financial Management Inc. boosted its position in shares of Newmont by 242.2% during the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 499 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Newmont during the 3rd quarter worth approximately $26,000. Finally, Life Planning Partners Inc acquired a new stake in shares of Newmont during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 79.53% of the company’s stock.

Newmont Company Profile

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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, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.

Further Reading

Earnings History and Estimates for Newmont (NYSE:NEM)

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