Newmont Corporation (NEM) Stock Moves -1.41%: What You Should Know
In the latest trading session, Newmont Corporation (NEM) closed at $67.82, marking a -1.41% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.64%. Meanwhile, the Dow lost 1.05%, and the Nasdaq, a tech-heavy index, lost 0.41%.
Prior to today's trading, shares of the gold and copper miner had lost 4.91% over the past month. This has lagged the Basic Materials sector's gain of 3.76% and the S&P 500's gain of 0.73% in that time.
Wall Street will be looking for positivity from Newmont Corporation as it approaches its next earnings report date. In that report, analysts expect Newmont Corporation to post earnings of $0.76 per share. This would mark a year-over-year decline of 8.43%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.19 billion, up 4.03% from the year-ago period.
NEM's full-year Zacks Consensus Estimates are calling for earnings of $3.46 per share and revenue of $13 billion. These results would represent year-over-year changes of +16.89% and +6.38%, respectively.
It is also important to note the recent changes to analyst estimates for Newmont Corporation. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.01% higher within the past month. Newmont Corporation currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Newmont Corporation has a Forward P/E ratio of 19.86 right now. For comparison, its industry has an average Forward P/E of 9.21, which means Newmont Corporation is trading at a premium to the group.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 86, which puts it in the top 34% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Newmont Corporation (NEM) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
