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In the latest trading session, Newmont Corporation (NEM) closed at $64.58, marking a -0.91% move from the previous day. This move lagged the S&P 500's daily loss of 0.13%. Meanwhile, the Dow lost 0.15%, and the Nasdaq, a tech-heavy index, added 0.14%.
Heading into today, shares of the gold and copper miner had lost 5.58% over the past month, outpacing the Basic Materials sector's loss of 8.74% and lagging the S&P 500's loss of 3.32% in that time.
Wall Street will be looking for positivity from Newmont Corporation as it approaches its next earnings report date. On that day, Newmont Corporation is projected to report earnings of $0.76 per share, which would represent a year-over-year decline of 8.43%. Our most recent consensus estimate is calling for quarterly revenue of $3.19 billion, up 4.03% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.43 per share and revenue of $13 billion. These totals would mark changes of +15.88% and +6.38%, respectively, from last year.
Any recent changes to analyst estimates for Newmont Corporation should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.91% lower. Newmont Corporation is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Newmont Corporation has a Forward P/E ratio of 18.99 right now. Its industry sports an average Forward P/E of 7.81, so we one might conclude that Newmont Corporation is trading at a premium comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 172, which puts it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.