Raymond James Cuts Newmont (NYSE:NEM) Price Target to $59.00

Newmont (NYSE:NEM) had its price objective decreased by Raymond James from $62.00 to $59.00 in a research note released on Monday,Benzinga reports. Raymond James currently has an outperform rating on the basic materials company’s stock. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, FY2024 earnings at $2.96 EPS, Q2 2025 earnings at $0.83 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q3 2025 earnings at $0.83 EPS, Q4 2025 earnings at $0.81 EPS, FY2025 earnings at $3.15 EPS and FY2025 earnings at $3.39 EPS.

A number of other research analysts have also commented on NEM. Royal Bank of Canada cut their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Bernstein Bank upped their price objective on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Price Performance

NYSE NEM opened at $42.04 on Monday. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock’s 50-day moving average is $49.57 and its two-hundred day moving average is $47.47. The firm has a market cap of $47.86 billion, a P/E ratio of -27.66, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue was up 84.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. On average, analysts anticipate that Newmont will post 3.08 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last quarter. 0.06% of the stock is owned by corporate insiders.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Heathbridge Capital Management Ltd. boosted its position in Newmont by 2.0% in the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after buying an additional 200 shares during the last quarter. E. Ohman J or Asset Management AB boosted its holdings in Newmont by 0.4% in the third quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after acquiring an additional 200 shares during the last quarter. Fulton Bank N.A. boosted its holdings in Newmont by 1.5% in the third quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after acquiring an additional 221 shares during the last quarter. Carmel Capital Partners LLC increased its position in Newmont by 4.5% in the third quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 226 shares during the period. Finally, Good Life Advisors LLC lifted its position in Newmont by 4.6% during the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock valued at $277,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds 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.