Newmont Corporation (NEM) closed at $52.35 in the latest trading session, marking a +0.52% move from the prior day. This change outpaced the S&P 500's 1.71% loss on the day. Meanwhile, the Dow lost 0.98%, and the Nasdaq, a tech-heavy index, lost 1.87%.
Prior to today's trading, shares of the gold and copper miner had gained 17.32% over the past month. This has outpaced the Basic Materials sector's loss of 10.65% and the S&P 500's loss of 9.13% in that time.
Wall Street will be looking for positivity from NEM as it approaches its next earnings report date. On that day, NEM is projected to report earnings of $0.51 per share, which would represent year-over-year growth of 54.55%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.16 billion, up 75.43% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.20 per share and revenue of $11.84 billion, which would represent changes of +66.67% and +21.58%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for NEM. These revisions help to show the ever-changing nature of near-term business trends. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 11.32% higher within the past month. NEM currently has a Zacks Rank of #3 (Hold).
Digging into valuation, NEM currently has a Forward P/E ratio of 23.71. Its industry sports an average Forward P/E of 13.13, so we one might conclude that NEM 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 91, which puts it in the top 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.