Newmont Mining (NEM): New Buy Recommendation for This Basic Materials Giant

In a report released on April 20, Josh Wolfson from RBC Capital maintained a Buy rating on Newmont Mining, with a price target of $160.00. The company’s shares closed yesterday at $114.84.

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Wolfson covers the Basic Materials sector, focusing on stocks such as OR Royalties, Wheaton Precious Metals, and Franco-Nevada. According to TipRanks, Wolfson has an average return of 24.2% and a 70.31% success rate on recommended stocks.

In addition to RBC Capital, Newmont Mining also received a Buy from CIBC’s Anita Soni in a report issued yesterday. However, on April 16, National Bank downgraded Newmont Mining (NYSE: NEM) to a Hold.

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.