Raymond James Weighs in on Newmont Co.’s Q1 2024 Earnings (NYSE:NEM)

Newmont Co. (NYSE:NEM) – Raymond James upped their Q1 2024 EPS estimates for Newmont in a report released on Tuesday, April 16th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will earn $0.35 per share for the quarter, up from their prior forecast of $0.34. The consensus estimate for Newmont’s current full-year earnings is $2.01 per share.

Newmont (NYSE:NEM) last posted its earnings results 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). The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS.

Several other analysts also recently weighed in on NEM. Jefferies Financial Group began coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price on the stock. StockNews.com downgraded shares of Newmont from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. TD Securities dropped their target price on shares of Newmont from $40.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, February 23rd. Finally, Argus cut shares of Newmont from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Newmont has an average rating of “Hold” and an average price target of $51.97.

Newmont Trading Down 0.0 %

NYSE NEM opened at $38.55 on Friday. The company’s 50-day simple moving average is $34.70 and its two-hundred day simple moving average is $36.81. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. Newmont has a one year low of $29.42 and a one year high of $50.18. The company has a market capitalization of $44.44 billion, a price-to-earnings ratio of -16.20, a price-to-earnings-growth ratio of 1.02 and a beta of 0.50.

Institutional Trading of Newmont

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Newmont by 43.8% during the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after buying an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. First Eagle Investment Management LLC lifted its holdings in Newmont by 29.9% during the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares in the last quarter. Finally, Norges Bank purchased a new position in Newmont during the fourth quarter valued at $604,516,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 5th were issued a dividend of $0.25 per share. 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 (DPR) is presently -42.02%.

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.