Raymond James Comments on Newmont Co.’s Q2 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEMFree Report) – Investment analysts at Raymond James lifted their Q2 2024 earnings per share estimates for Newmont in a research report issued to clients and investors on Monday, July 8th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings of $0.60 per share for the quarter, up from their previous forecast of $0.59. The consensus estimate for Newmont’s current full-year earnings is $2.48 per share.

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

A number of other equities analysts also recently commented on the company. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Citigroup reduced their price target on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Scotiabank raised their price objective on Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a research report on Thursday, May 23rd. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and upped their target price for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Finally, Bank of America lifted their price target on shares of Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.07.

Read Our Latest Stock Report on NEM

Newmont Trading Up 3.6 %

NEM opened at $45.46 on Thursday. The firm has a market capitalization of $52.42 billion, a price-to-earnings ratio of -17.03, a PEG ratio of 0.37 and a beta of 0.47. Newmont has a one year low of $29.42 and a one year high of $45.92. The business has a 50 day simple moving average of $42.17 and a two-hundred day simple moving average of $38.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Tuesday, June 4th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.20%. Newmont’s dividend payout ratio is currently -37.45%.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors have recently modified their holdings of NEM. Life Planning Partners Inc bought a new stake in Newmont in the fourth quarter worth $26,000. Manchester Capital Management LLC lifted its stake in Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 397 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $25,000. CVA Family Office LLC bought a new position in shares of Newmont during the fourth quarter valued at approximately $34,000. Finally, Heritage Wealth Advisors raised its holdings in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after buying an additional 878 shares during the period. 68.85% of the stock is owned by institutional investors.

About Newmont

(Get Free Report)

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.

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Earnings History and Estimates for Newmont (NYSE:NEM)

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