National Bank Financial Lifts Earnings Estimates for Newmont

Newmont Co. (NYSE:NEM) – Equities research analysts at National Bank Financial increased their FY2024 earnings per share estimates for shares of Newmont in a report released on Monday, February 10th. National Bank Financial analyst M. Parkin now anticipates that the basic materials company will earn $3.42 per share for the year, up from their prior estimate of $3.29. The consensus estimate for Newmont’s current full-year earnings is $3.09 per share.

A number of other brokerages have also recently issued reports on NEM. Raymond James cut their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. Royal Bank of Canada raised their price objective on shares of Newmont from $47.00 to $52.00 and gave the company a “sector perform” rating in a research note on Tuesday. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Finally, Scotiabank decreased their price objective on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.37.

Newmont Trading Down 2.1 %

Shares of Newmont stock opened at $45.51 on Wednesday. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The stock has a 50 day moving average price of $40.58 and a two-hundred day moving average price of $46.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Insider Buying and Selling at Newmont

In other news, COO Natascha Viljoen sold 9,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief operating officer now directly owns 145,967 shares of the company’s stock, valued at $5,838,680. This represents a 5.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $128,670.00. Following the sale, the executive vice president now owns 79,596 shares of the company’s stock, valued at approximately $3,413,872.44. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,154 shares of company stock worth $1,166,843 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Waverton Investment Management Ltd lifted its holdings in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after purchasing an additional 65,075 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Newmont by 117.3% in the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock valued at $1,854,000 after purchasing an additional 18,722 shares during the period. Nordea Investment Management AB raised its position in shares of Newmont by 173.0% in the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after purchasing an additional 1,578,545 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Newmont by 57.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock valued at $88,580,000 after buying an additional 865,213 shares in the last quarter. Finally, Red Cedar Investment Management LLC bought a new position in Newmont in the 3rd quarter worth approximately $1,263,000. 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.