Q2 2024 EPS Estimates for Newmont Co. Lowered by Raymond James (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Equities research analysts at Raymond James cut their Q2 2024 EPS estimates for shares of Newmont in a research report issued to clients and investors on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $0.35 per share for the quarter, down from their previous estimate of $0.37. The consensus estimate for Newmont’s current full-year earnings is $2.02 per share. Raymond James also issued estimates for Newmont’s FY2024 earnings at $1.71 EPS.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01). Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period in the prior year, the company earned $0.44 EPS. The company’s revenue was up 23.7% compared to the same quarter last year.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Newmont in a research note on Thursday, February 29th. They set a “buy” rating and a $38.00 price objective for the company. Royal Bank of Canada dropped their price objective on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. StockNews.com downgraded shares of Newmont from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. TD Securities dropped their price objective on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research note on Friday, February 23rd. Finally, BMO Capital Markets dropped their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $51.97.

Newmont Stock Performance

NYSE NEM opened at $38.56 on Thursday. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18. The company has a 50-day moving average of $34.59 and a 200-day moving average of $36.80. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.25.

Newmont Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Monday, March 4th. Newmont’s dividend payout ratio is presently -42.02%.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Blair William & Co. IL boosted its holdings in Newmont by 14.8% in the 1st quarter. Blair William & Co. IL now owns 42,511 shares of the basic materials company’s stock worth $3,378,000 after acquiring an additional 5,484 shares during the period. Sei Investments Co. boosted its holdings in Newmont by 19.3% in the 1st quarter. Sei Investments Co. now owns 66,212 shares of the basic materials company’s stock worth $5,219,000 after acquiring an additional 10,692 shares during the period. Cetera Investment Advisers boosted its holdings in Newmont by 46.9% in the 1st quarter. Cetera Investment Advisers now owns 27,905 shares of the basic materials company’s stock worth $2,217,000 after acquiring an additional 8,915 shares during the period. Baird Financial Group Inc. boosted its holdings in Newmont by 7.2% in the 1st quarter. Baird Financial Group Inc. now owns 595,641 shares of the basic materials company’s stock worth $47,324,000 after acquiring an additional 39,765 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in shares of Newmont by 25.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,354 shares of the basic materials company’s stock valued at $108,000 after purchasing an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.