National Bank Financial Analysts Cut Earnings Estimates for Newmont Co. (NYSE:NEM)

Posted by Defense World Staff on Oct 26th, 2023

Newmont Co. (NYSE:NEM – Free Report) – National Bank Financial reduced their FY2023 earnings estimates for Newmont in a research note issued on Sunday, October 22nd. National Bank Financial analyst M. Parkin now expects that the basic materials company will earn $2.12 per share for the year, down from their previous forecast of $2.36. The consensus estimate for Newmont’s current full-year earnings is $1.96 per share. National Bank Financial also issued estimates for Newmont’s FY2024 earnings at $3.20 EPS.

A number of other research analysts have also recently commented on NEM. Canaccord Genuity Group dropped their target price on shares of Newmont from $63.00 to $57.00 and set a “buy” rating for the company in a report on Monday, July 24th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating and lowered their price objective for the company from $54.00 to $50.00 in a research note on Friday, July 21st. Jefferies Financial Group decreased their target price on shares of Newmont from $44.00 to $38.00 and set a “hold” rating for the company in a research report on Wednesday, October 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.00 target price on shares of Newmont in a research report on Wednesday, September 6th. Finally, Barclays raised shares of Newmont from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $62.00 to $61.00 in a research report on Friday, July 7th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.82.

View Our Latest Research Report on NEM

Newmont Trading Down 4.4 %

NEM opened at $36.76 on Wednesday. The stock has a market capitalization of $29.21 billion, a price-to-earnings ratio of -38.29, a P/E/G ratio of 1.61 and a beta of 0.40. The company has a quick ratio of 1.87, a current ratio of 2.28 and a debt-to-equity ratio of 0.31. Newmont has a twelve month low of $34.81 and a twelve month high of $60.08. The company has a 50-day simple moving average of $38.76 and a 200 day simple moving average of $42.12.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently made changes to their positions in NEM. Bank Julius Baer & Co. Ltd Zurich raised its holdings in Newmont by 101,647.2% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 547,513,832 shares of the basic materials company’s stock worth $23,356,940,000 after purchasing an additional 546,975,720 shares in the last quarter. Norges Bank purchased a new position in Newmont in the fourth quarter worth about $332,897,000. BlackRock Inc. boosted its position in Newmont by 4.6% in the second quarter. BlackRock Inc. now owns 99,433,731 shares of the basic materials company’s stock worth $4,241,843,000 after purchasing an additional 4,409,771 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in Newmont by 103.3% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock worth $356,749,000 after purchasing an additional 2,281,418 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in Newmont by 238.8% in the first quarter. Two Sigma Investments LP now owns 3,008,877 shares of the basic materials company’s stock worth $147,495,000 after purchasing an additional 2,120,768 shares during the last quarter. Institutional investors own 79.53% of the company’s stock.

Insider Activity

In related news, COO Robert D. Atkinson sold 5,500 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $39.91, for a total value of $219,505.00. Following the transaction, the chief operating officer now directly owns 76,251 shares in the company, valued at $3,043,177.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, COO Robert D. Atkinson sold 5,500 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $39.91, for a total transaction of $219,505.00. Following the completion of the sale, the chief operating officer now owns 76,251 shares of the company’s stock, valued at $3,043,177.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $39.91, for a total value of $439,010.00. Following the sale, the chief executive officer now directly owns 256,039 shares of the company’s stock, valued at approximately $10,218,516.49. The disclosure for this sale can be found here. Insiders have sold a total of 44,366 shares of company stock worth $1,738,008 over the last ninety days. Company insiders own 0.07% of the company’s stock.

Newmont Company Profile

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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.