FY2022 EPS Estimates for Newmont Co. Reduced by Analyst (NYSE:NEM)

Newmont Co. (NYSE:NEM – Get Rating) – Edison Inv. Res reduced their FY2022 earnings estimates for shares of Newmont in a research report issued to clients and investors on Tuesday, May 17th. Edison Inv. Res analyst C. Gibson now expects that the basic materials company will post earnings of $2.82 per share for the year, down from their previous forecast of $2.99. Edison Inv. Res also issued estimates for Newmont’s FY2023 earnings at $2.32 EPS, FY2024 earnings at $2.15 EPS and FY2025 earnings at $1.66 EPS.

Newmont (NYSE:NEM – Get Rating) last posted its earnings results on Friday, April 22nd. The basic materials company reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.06 billion. Newmont had a return on equity of 10.24% and a net margin of 8.53%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 earnings per share.

NEM has been the topic of a number of other reports. Bank of America boosted their target price on Newmont from $70.00 to $75.00 in a report on Monday, February 28th. National Bank Financial downgraded Newmont from an “outperform” rating to a “sector perform” rating and set a $94.28 price target for the company. in a research note on Wednesday, April 20th. They noted that the move was a valuation call. TD Securities reduced their price target on Newmont from $82.00 to $79.00 and set a “hold” rating for the company in a research note on Monday, April 25th. StockNews.com started coverage on Newmont in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $75.00 to $72.00 in a research note on Monday, January 24th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $74.69.

NEM stock opened at $63.88 on Thursday. The company has a current ratio of 2.92, a quick ratio of 2.53 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $50.70 billion, a PE ratio of 48.76 and a beta of 0.36. Newmont has a 1-year low of $52.60 and a 1-year high of $86.37. The business’s 50 day simple moving average is $75.73 and its 200 day simple moving average is $66.17.

A number of large investors have recently made changes to their positions in the business. J2 Capital Management Inc boosted its holdings in Newmont by 2.4% in the first quarter. J2 Capital Management Inc now owns 5,656 shares of the basic materials company’s stock worth $449,000 after acquiring an additional 130 shares in the last quarter. Private Capital Group LLC lifted its holdings in shares of Newmont by 8.7% in the first quarter. Private Capital Group LLC now owns 1,692 shares of the basic materials company’s stock valued at $135,000 after purchasing an additional 135 shares in the last quarter. Glassman Wealth Services lifted its holdings in shares of Newmont by 21.8% in the first quarter. Glassman Wealth Services now owns 821 shares of the basic materials company’s stock valued at $65,000 after purchasing an additional 147 shares in the last quarter. Seelaus Asset Management LLC lifted its holdings in shares of Newmont by 2.7% in the first quarter. Seelaus Asset Management LLC now owns 5,790 shares of the basic materials company’s stock valued at $460,000 after purchasing an additional 150 shares in the last quarter. Finally, Lee Johnson Capital Management LLC lifted its holdings in shares of Newmont by 0.6% in the first quarter. Lee Johnson Capital Management LLC now owns 27,243 shares of the basic materials company’s stock valued at $2,164,000 after purchasing an additional 160 shares in the last quarter. Institutional investors and hedge funds own 78.41% of the company’s stock.

In related news, SVP Blake Rhodes sold 500 shares of the company’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $66.94, for a total transaction of $33,470.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 7,000 shares of the company’s stock in a transaction dated Tuesday, March 1st. The shares were sold at an average price of $66.94, for a total value of $468,580.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,843 shares of company stock worth $5,199,013. 0.11% of the stock is owned by corporate insiders.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 16th. Investors of record on Thursday, June 2nd will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, June 1st. This represents a $2.20 annualized dividend and a dividend yield of 3.44%. Newmont’s payout ratio is 167.94%.

About Newmont (Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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