Brokers Set Expectations for Newmont Co.'s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM - Free Report) - Investment analysts at National Bank Financial lifted their FY2024 earnings per share estimates for shares of Newmont in a report issued on Tuesday, April 30th. National Bank Financial analyst M. Parkin now forecasts that the basic materials company will post earnings of $2.42 per share for the year, up from their prior estimate of $1.61. National Bank Financial has a "Sector Perform Overweight" rating on the stock. The consensus estimate for Newmont's current full-year earnings is $2.16 per share. National Bank Financial also issued estimates for Newmont's FY2025 earnings at $2.80 EPS and FY2026 earnings at $2.33 EPS.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.20. The firm had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. Newmont's revenue was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 earnings per share.

Several other equities research analysts have also commented on NEM. Royal Bank of Canada decreased their price target on Newmont from $45.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 8th. StockNews.com upgraded Newmont from a "sell" rating to a "hold" rating in a research report on Friday, April 26th. Scotiabank decreased their price objective on shares of Newmont from $50.00 to $43.50 and set a "sector perform" rating on the stock in a research report on Wednesday, February 28th. TD Securities lifted their target price 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. Finally, BMO Capital Markets reduced their price target on shares of Newmont from $56.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $48.35.

Newmont Price Performance

Shares of NEM traded down $0.39 during trading hours on Friday, reaching $40.66. The company had a trading volume of 7,304,762 shares, compared to its average volume of 13,628,658. The company has a market capitalization of $46.88 billion, a price-to-earnings ratio of -15.23, a PEG ratio of 1.04 and a beta of 0.48. Newmont has a 12-month low of $29.42 and a 12-month high of $50.18. The firm has a 50 day simple moving average of $36.21 and a 200-day simple moving average of $37.01. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Newmont by 43.8% during 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 buying an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp increased its stake in 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 acquiring an additional 18,664,614 shares during the last quarter. Charles Schwab Investment Management Inc. raised 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 worth $1,019,813,000 after purchasing an additional 7,635,657 shares during the period. First Eagle Investment Management LLC lifted its stake 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 in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of 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 purchasing an additional 6,617,145 shares during the period. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Tuesday, June 4th will be given a $0.25 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.46%. Newmont's dividend payout ratio is presently -37.45%.

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.