Raymond James Forecasts Newmont’s FY2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities researchers at Raymond James decreased their FY2024 earnings estimates for Newmont in a research report issued to clients and investors on Monday, January 27th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings per share of $2.91 for the year, down from their previous estimate of $2.96. Raymond James currently has a “Outperform” rating and a $59.00 target price on the stock. The consensus estimate for Newmont’s current full-year earnings is $3.07 per share. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.83 EPS, Q4 2025 earnings at $0.75 EPS and FY2025 earnings at $3.05 EPS.

NEM has been the topic of a number of other reports. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Jefferies Financial Group lifted their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada dropped their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.44.

Newmont Price Performance

Shares of NYSE:NEM opened at $41.58 on Tuesday. The company has a market cap of $47.33 billion, a PE ratio of -27.35, a P/E/G ratio of 0.33 and a beta of 0.50. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The firm has a 50-day simple moving average of $40.35 and a 200 day simple moving average of $46.81. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Waverton Investment Management Ltd lifted its holdings in shares of Newmont by 14.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after buying an additional 65,075 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in Newmont by 117.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after purchasing an additional 18,722 shares during the last quarter. Nordea Investment Management AB grew its holdings in Newmont by 173.0% during the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after purchasing an additional 1,578,545 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Newmont by 57.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after buying an additional 865,213 shares during the last quarter. Finally, Red Cedar Investment Management LLC bought a new stake in shares of Newmont during the 3rd quarter worth $1,263,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the executive vice president now directly owns 82,596 shares of the company’s stock, valued at approximately $3,303,840. The trade was a 3.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry M. Iv Conger acquired 9,498 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were acquired at an average price of $42.15 per share, with a total value of $400,340.70. Following the completion of the transaction, the director now directly owns 14,498 shares in the company, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 14,077 shares of company stock valued at $563,080. 0.06% of the stock is currently owned by corporate insiders.

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.