Securities and Exchange Commission filings revealed executives of gold producer Newmont Mining Corp. (NEM) sold shares on April 1.
This information is important because it signals to investors the stock could be headed higher or lower.Â
In Wall Street’s opinion, the Greenwood Village, Colorado-based miner will outperform either the industry or the overall market within 52 weeks as analysts issued an overweight rating with an average target price of $40.92 per shares, up 13.1% from the closing price of $36.18 on Wednesday.
Elaine Dorward-King, vice president of sustainability and external relations, sold 3,000 common shares of Newmont Mining for an average price of $35.85 per share. Dorward-King now has a direct holding of 145,122 shares.
Chief Technology Officer Scott P. Lawson sold 5,000 shares of Newmont for an average price of $35.81 per share. As a result of the transaction, the direct holding decreased to 133,545 common shares.
Executive Vice President and Chief Operating Officer Thomas Ronald Palmer sold 1,250 shares for an average price of $35.85 per share, reducing his direct holding to 276,573 shares.
CEO Gary J. Goldberg sold 4,000 shares for an average price of $35.85 per share. He now indirectly owns 830,512 common shares. Goldberg also has a direct holding consisting of 129,680 common shares.
In addition, Executive Vice President and General Counsel Stephen P. Gottesfeld sold 3,500 common shares for an average price of $35.74 per share. He now indirectly holds 211,404 common shares and directly holds 86,577 shares.
Wednesday’s closing price of $36.18 is 24.5% off the 52-week low of $29.06 and 16.03% from the 52-week high of $41.98.
The share price has fallen 8% over the 52 weeks through April 3 and is now trading above the 200, 100 and 50-day simple moving average lines.
The 14-day relative strength index is 62.94, indicating the stock is neither oversold nor overbought.
Newmont Mining has a market capitalization of approximately $19.22 billion, an enterprise value of roughly $21 billion, a price-earnings ratio of 57.06 and a price-book ratio of 1.82.
GuruFocus indicates Newmont Mining has 534.63 million shares outstanding, of which 74.59% is float.
The chart below illustrates the distribution of common shares of Newmont Mining among its top direct holders.
Disclosure: I have no positions in any stocks mentioned in this article.
Read more here:
