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Newmont Corporation (NEM) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research
·2 mins read

Newmont Corporation (NEM) closed at $62.83 in the latest trading session, marking a -0.98% move from the prior day. This change lagged the S&P 500's 0.53% gain on the day. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 1.42%.

Coming into today, shares of the gold and copper miner had lost 6.04% in the past month. In that same time, the Basic Materials sector lost 1.76%, while the S&P 500 lost 3.76%.

NEM will be looking to display strength as it nears its next earnings release. On that day, NEM is projected to report earnings of $0.34 per share, which would represent a year-over-year decline of 5.56%. Meanwhile, our latest consensus estimate is calling for revenue of $3.17 billion, up 16.91% from the prior-year quarter.

NEM's full-year Zacks Consensus Estimates are calling for earnings of $2.41 per share and revenue of $11.57 billion. These results would represent year-over-year changes of +82.58% and +18.83%, respectively.

It is also important to note the recent changes to analyst estimates for NEM. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate has moved 7.18% higher within the past month. NEM is currently sporting a Zacks Rank of #3 (Hold).

Digging into valuation, NEM currently has a Forward P/E ratio of 26.29. This valuation marks a premium compared to its industry's average Forward P/E of 15.37.

The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 61, which puts it in the top 25% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.


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