New Buy Rating for Newmont Mining (NEM), the Basic Materials Giant

In a report released yesterday, Josh Wolfson from RBC Capital maintained a Buy rating on Newmont Mining, with a price target of $160.00.

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Wolfson covers the Basic Materials sector, focusing on stocks such as Royal Gold, Barrick Mining, and Franco-Nevada. According to TipRanks, Wolfson has an average return of 24.7% and a 68.68% success rate on recommended stocks.

Currently, the analyst consensus on Newmont Mining is a Strong Buy with an average price target of $157.63.

Based on Newmont Mining’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $6.57 billion and a net profit of $1.3 billion. In comparison, last year the company earned a revenue of $5.72 billion and had a net profit of $1.4 billion

Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NEM in relation to earlier this year. Last month, David James Fry, the Group Head Projects & Studies of NEM sold 18,394.00 shares for a total of $2,050,011.30.