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Executives Shed Shares of Newmont Mining Corp

- By Alberto Abaterusso

Securities and Exchange Commission filings revealed e xecutives 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.

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, v ice 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.

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This article first appeared on GuruFocus.