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

Newmont Co. (NYSE:NEM - Free Report) - Stock analysts at Raymond James boosted their FY2024 earnings estimates for shares of Newmont in a research note issued on Friday, April 26th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $2.58 per share for the year, up from their prior forecast of $2.56. The consensus estimate for Newmont's current full-year earnings is $2.16 per share. Raymond James also issued estimates for Newmont's Q1 2025 earnings at $0.53 EPS, Q2 2025 earnings at $0.58 EPS, Q4 2025 earnings at $0.61 EPS and FY2025 earnings at $2.32 EPS.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.20. The firm 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% compared to the same quarter last year. During the same period last year, the company earned $0.40 EPS.

A number of other equities research analysts have also weighed in on NEM. BMO Capital Markets decreased their price objective on shares of Newmont from $57.00 to $56.00 and set an "outperform" rating for the company in a report on Thursday, February 15th. Jefferies Financial Group assumed coverage on shares of Newmont in a research note on Thursday, February 29th. They set a "buy" rating and a $38.00 price target for the company. StockNews.com raised Newmont from a "sell" rating to a "hold" rating in a research note on Friday. Argus downgraded Newmont from a "buy" rating to a "hold" rating in a report on Monday, February 26th. Finally, Scotiabank lowered their target price on Newmont from $50.00 to $43.50 and set a "sector perform" rating for the company in a report on Wednesday, February 28th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.75.

Newmont Trading Down 1.1 %

Shares of NYSE:NEM traded down $0.47 on Monday, hitting $42.26. 12,278,492 shares of the company's stock were exchanged, compared to its average volume of 13,791,921. The business's 50 day simple moving average is $35.71 and its two-hundred day simple moving average is $36.95. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90. The stock has a market capitalization of $48.72 billion, a price-to-earnings ratio of -15.83, a price-to-earnings-growth ratio of 1.09 and a beta of 0.50. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.37%. Newmont's payout ratio is -37.45%.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of NEM. Grey Street Capital LLC lifted its position in Newmont by 0.4% during the 4th quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company's stock worth $2,892,000 after acquiring an additional 289 shares during the period. Moody National Bank Trust Division increased its holdings in Newmont by 1.7% in the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company's stock worth $647,000 after buying an additional 296 shares during the period. Reitz Capital Advisors LLC raised its position in Newmont by 1.1% during the 4th quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company's stock worth $1,166,000 after buying an additional 298 shares during the last quarter. Antonetti Capital Management LLC lifted its stake in Newmont by 30.0% during the 3rd quarter. Antonetti Capital Management LLC now owns 1,300 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 300 shares during the period. Finally, Sigma Planning Corp boosted its holdings in shares of Newmont by 4.6% in the 3rd quarter. Sigma Planning Corp now owns 7,052 shares of the basic materials company's stock valued at $261,000 after acquiring an additional 309 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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.