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

Newmont (NYSE:NEM) had its price target lowered by Raymond James from $62.00 to $59.00 in a research report sent to investors 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 analysts have also issued reports on NEM. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Veritas upgraded Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 29th. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Finally, Bernstein Bank upped their target price on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Price Performance

Newmont stock opened at $42.04 on Monday. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The firm has a market capitalization of $47.86 billion, a PE ratio of -27.66, a P/E/G ratio of 0.37 and a beta of 0.51. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm’s 50-day simple moving average is $49.35 and its 200 day simple moving average is $47.43.

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

Newmont Dividend Announcement

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

Insider Activity at Newmont

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

Institutional Trading of Newmont

A number of hedge funds have recently modified their holdings of the business. Tidal Investments LLC increased its stake in Newmont by 5.4% in the 3rd quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company’s stock valued at $8,749,000 after buying an additional 8,412 shares during the period. Cim Investment Management Inc. acquired a new stake in shares of Newmont in the third quarter worth about $1,033,000. Wilmington Savings Fund Society FSB bought a new stake in Newmont during the third quarter worth approximately $422,000. Sanctuary Advisors LLC boosted its holdings in shares of Newmont by 117.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after buying an additional 18,722 shares during the period. Finally, Virtu Financial LLC grew its position in shares of Newmont by 183.2% in the third quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company’s stock valued at $1,237,000 after purchasing an additional 14,967 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.