Research Analysts Set Expectations for Newmont Co.’s Q3 2023 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Analysts at Zacks Research dropped their Q3 2023 earnings per share (EPS) estimates for shares of Newmont in a research note issued to investors on Tuesday, September 12th. Zacks Research analyst A. Barman now expects that the basic materials company will post earnings per share of $0.49 for the quarter, down from their prior forecast of $0.52. The consensus estimate for Newmont’s current full-year earnings is $2.04 per share. Zacks Research also issued estimates for Newmont’s FY2023 earnings at $2.00 EPS, Q1 2024 earnings at $0.50 EPS, Q2 2024 earnings at $0.55 EPS, Q3 2024 earnings at $0.73 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $2.41 EPS, Q1 2025 earnings at $0.60 EPS and Q2 2025 earnings at $0.64 EPS.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 20th. The basic materials company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Newmont had a negative net margin of 6.77% and a positive return on equity of 5.74%. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter last year, the business earned $0.46 earnings per share. The business’s revenue was down 12.3% compared to the same quarter last year.

Several other brokerages have also recently issued reports on NEM. Barclays upgraded Newmont from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $62.00 to $61.00 in a research note on Friday, July 7th. Argus decreased their price objective on Newmont from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, July 25th. StockNews.com initiated coverage on Newmont in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Canaccord Genuity Group cut their target price on Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Finally, UBS Group cut their target price on Newmont from $53.00 to $42.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 29th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $58.00.

Newmont Stock Performance

Shares of NEM opened at $40.34 on Friday. The stock has a 50-day simple moving average of $40.80 and a 200-day simple moving average of $43.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.87 and a current ratio of 2.28. The stock has a market capitalization of $32.06 billion, a PE ratio of -42.02, a PEG ratio of 1.62 and a beta of 0.38. Newmont has a 1 year low of $37.45 and a 1 year high of $60.08.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Investors of record on Thursday, September 7th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.97%. Newmont’s dividend payout ratio (DPR) is presently -166.66%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $42.16, for a total value of $463,760.00. Following the sale, the chief executive officer now directly owns 267,039 shares in the company, valued at $11,258,364.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $42.16, for a total transaction of $463,760.00. Following the sale, the chief executive officer now directly owns 267,039 shares in the company, valued at $11,258,364.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Robert D. Atkinson sold 5,500 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $39.91, for a total value of $219,505.00. Following the sale, the chief operating officer now owns 76,251 shares in the company, valued at $3,043,177.41. The disclosure for this sale can be found here. Insiders have sold a total of 38,683 shares of company stock worth $1,600,929 over the last three months. 0.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Large investors have recently added to or reduced their stakes in the business. DAVENPORT & Co LLC raised its holdings in shares of Newmont by 6.4% in the 1st quarter. DAVENPORT & Co LLC now owns 89,379 shares of the basic materials company’s stock worth $4,381,000 after purchasing an additional 5,363 shares during the period. Howe & Rusling Inc. raised its holdings in shares of Newmont by 15.4% in the 1st quarter. Howe & Rusling Inc. now owns 75,772 shares of the basic materials company’s stock worth $3,714,000 after purchasing an additional 10,112 shares during the period. Intrust Bank NA raised its holdings in shares of Newmont by 6.4% in the 1st quarter. Intrust Bank NA now owns 8,127 shares of the basic materials company’s stock worth $398,000 after purchasing an additional 489 shares during the period. Equitable Trust Co. raised its holdings in shares of Newmont by 6.3% in the 4th quarter. Equitable Trust Co. now owns 8,832 shares of the basic materials company’s stock worth $417,000 after purchasing an additional 521 shares during the period. Finally, Coastal Investment Advisors Inc. purchased a new position in shares of Newmont in the 4th quarter worth about $218,000. 79.53% of the stock is currently 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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.