Raymond James Comments on Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Raymond James boosted their Q1 2024 EPS estimates for shares of Newmont in a report released on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.35 per share for the quarter, up from their prior forecast of $0.34. The consensus estimate for Newmont’s current full-year earnings is $2.01 per share.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). The firm had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share.

Other analysts have also issued reports about the stock. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. TD Securities reduced their price target on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. Scotiabank reduced their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. Citigroup reduced their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Finally, Jefferies Financial Group initiated coverage on shares of Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $51.97.

Newmont Trading Up 1.2 %

Shares of NYSE:NEM opened at $39.02 on Friday. The company has a 50 day moving average of $34.82 and a 200-day moving average of $36.84. The firm has a market cap of $44.98 billion, a P/E ratio of -16.39, a P/E/G ratio of 1.02 and a beta of 0.50. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Compass Wealth Management LLC acquired a new position in Newmont in the 4th quarter valued at approximately $25,000. TFC Financial Management Inc. increased its stake in Newmont by 242.2% in the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after buying an additional 499 shares during the period. Mizuho Securities Co. Ltd. acquired a new position in Newmont in the 3rd quarter valued at approximately $26,000. Life Planning Partners Inc acquired a new position in Newmont in the 4th quarter valued at approximately $26,000. Finally, Manchester Capital Management LLC increased its stake in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 5th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. Newmont’s dividend payout ratio is currently -42.02%.

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.