Raymond James Analysts Reduce Earnings Estimates for Newmont Co. (NYSE:NEM)

Newmont Co. (NYSE:NEM - Free Report) - Raymond James reduced their Q2 2024 earnings per share estimates for shares of Newmont in a report released on Tuesday, April 16th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $0.35 per share for the quarter, down from their previous estimate of $0.37. The consensus estimate for Newmont's current full-year earnings is $2.02 per share. Raymond James also issued estimates for Newmont's FY2024 earnings at $1.71 EPS.

Several other brokerages have also recently commented on NEM. Jefferies Financial Group initiated coverage on Newmont in a report on Thursday, February 29th. They set a "buy" rating and a $38.00 target price on the stock. TD Securities decreased their price target on Newmont from $40.00 to $36.00 and set a "hold" rating for the company in a research note on Friday, February 23rd. BMO Capital Markets reduced their target price on Newmont from $57.00 to $56.00 and set an "outperform" rating for the company in a research note on Thursday, February 15th. National Bank Financial reissued an "outperform overweight" rating on shares of Newmont in a report on Monday, April 8th. Finally, Argus cut Newmont from a "buy" rating to a "hold" rating in a report on Monday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $51.97.

Newmont Stock Performance

Shares of NYSE NEM traded down $0.01 during trading hours on Thursday, reaching $38.55. The stock had a trading volume of 6,417,460 shares, compared to its average volume of 13,571,073. The business's fifty day moving average is $34.70 and its two-hundred day moving average is $36.81. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98. The company has a market cap of $44.44 billion, a price-to-earnings ratio of -16.20, a PEG ratio of 1.00 and a beta of 0.50. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18.

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

Newmont Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders 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 yield of 2.59%. Newmont's dividend payout ratio (DPR) is presently -42.02%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company's stock worth $4,915,059,000 after acquiring an additional 36,170,995 shares during the period. Van ECK Associates Corp grew its holdings 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 buying an additional 18,664,614 shares in the last quarter. Norges Bank purchased a new stake in Newmont in the fourth quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. grew its holdings in Newmont by 44.9% in the fourth 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 period. Finally, First Eagle Investment Management LLC grew its holdings in Newmont by 29.9% in the fourth 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. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.