Newmont Mining (NEM) Receives a Buy from Canaccord Genuity
Canaccord Genuity analyst Carey MacRury maintained a Buy rating on Newmont Mining (NEM) yesterday and set a price target of $70.00. The company’s shares closed last Thursday at $66.00.
According to TipRanks.com, MacRury is a 5-star analyst with an average return of 19.0% and a 68.4% success rate. MacRury covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Golden Star Resources, and Osisko Gold Royalties.
Newmont Mining has an analyst consensus of Strong Buy, with a price target consensus of $71.76, which is a 9.5% upside from current levels. In a report issued on April 23, National Bank also maintained a Buy rating on the stock with a C$101.00 price target.
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Newmont Mining’s market cap is currently $51.95B and has a P/E ratio of 19.50. The company has a Price to Book ratio of 2.46.
Based on the recent corporate insider activity of 129 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NEM in relation to earlier this year.
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Newmont Corporation is a mining company and has the world’s largest gold reserve base in the industry. It engages in the exploration and production of gold, copper, silver, zinc, and lead.