Newmont Co. (NYSE:NEM) to Post FY2024 Earnings of $2.38 Per Share, National Bank Financial Forecasts

Newmont Co. (NYSE:NEMFree Report) – Investment analysts at National Bank Financial cut their FY2024 earnings estimates for Newmont in a research report issued on Monday, May 27th. National Bank Financial analyst M. Parkin now expects that the basic materials company will post earnings per share of $2.38 for the year, down from their previous forecast of $2.42. National Bank Financial currently has a “Sector Perform Overweight” rating on the stock. The consensus estimate for Newmont’s current full-year earnings is $2.37 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $2.67 EPS.

Newmont (NYSE:NEMGet Free Report) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. Newmont’s quarterly revenue was up 50.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS.

Several other research firms also recently weighed in on NEM. TD Securities boosted their price target on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. Royal Bank of Canada dropped their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 8th. Argus lowered Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. BMO Capital Markets dropped their target price on Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Tuesday, May 21st. Finally, Jefferies Financial Group started coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $48.36.

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Newmont Trading Up 0.6 %

Shares of NEM stock opened at $41.89 on Thursday. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $45.92. The firm has a market capitalization of $48.31 billion, a P/E ratio of -15.69, a PEG ratio of 0.35 and a beta of 0.48. The stock’s fifty day moving average is $39.93 and its two-hundred day moving average is $37.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after acquiring an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after purchasing an additional 18,664,614 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of Newmont by 29.9% in the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after buying an additional 6,617,145 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.39%. The ex-dividend date is Tuesday, June 4th. Newmont’s payout ratio is currently -37.45%.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.

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Earnings History and Estimates for Newmont (NYSE:NEM)

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