Insiders Sell Newmont Mining Corp
- By Alberto Abaterusso
Insiders sold shares of Newmont Mining Corp. (NEM) on Monday, Oct. 1, Securities and Exchange Commission filings disclosed.
This piece of information is very important as it helps investors in making their predictions about the next movement in the share price. Wall Street has an average target price of $42.44 on the stock versus a share price of $30.48 at close Wednesday, Oct. 3.
Warning! GuruFocus has detected 4 Warning Signs with NEM. Click here to check it out.
The intrinsic value of NEM
Elaine Dorward-King, who is executive vice president of sustainability and external relations, discarded 3,000 shares of Newmont Mining at an average price of $30.20 per share. Dorward-King now directly owns 102,831 ordinary shares of Newmont Mining Corp.
Buese Nancy, executive vice president and chief financial officer, sold 2,000 shares at a price of $30.20 per unit. As a result of the transaction, the indirect holding of Nancy in Newmont Mining decreased to 5,142 ordinary shares. The manager also directly holds 86,577 ordinary shares of her own company.
Newmont's CEO Gary J. Goldberg sold 4,000 shares of the company at an average price of $30.20 per share. The sale concerned the indirect holding of the manager. Goldberg now indirectly owns 539,788 ordinary shares. Goldberg also has a direct holding in his own company consisting of 138,533 shares.
Palmer Thomas Ronald, executive vice president and chief operating officer, reduced his direct holding in Newmont Mining Corp. by 0.9% to 131,610 shares. The manager sold 1,250 ordinary shares. The selling price was $30.2 per share.
In addition, Scott P. Lawson, who is the company's chief technology officer, sold a total of 5,000 shares of Newmont Mining at an average price of $30.037 per share. Subsequent to the sale, the direct ownership of Lawson amounts to 84,091 ordinary shares.
The following GuruFocus pie chart illustrates the direct holding of insiders in Newmont Mining Corp.:
Newmont Mining closed at $30.48 per share on Wednesday, a 2.21% fall from the previous closing. For the 52 weeks through Oct. 3, the stock has declined 20% and underperformed the Van Eck Vectors Gold Miners ETF ( GDX ) by 1%. As a result of the fall, the share price is now below the 200-, 100- and 50-day simple moving average lines.
The 14-day Relative Strength Index is 41.68, within a historical range of 30 to 70.
Newmont Mining has a market capitalization of approximately $16.3 billion. The share price at close Oct. 3 falls within a 52-week range of $29.16 to $42.04 per share. The U.S. large gold producer has 533.4 million shares outstanding. The insider ownership accounts for about 0.64% and the float is 74.76%.
Among the top fund holders, the Van Eck Associates Corp. holds 5.18% of total shares outstanding of Newmont Mining. After that, Carmignac Gestion holds 2.35%, Flossbach Von Storch Ag owns 1.91% and First Eagle Investment (Trades, Portfolio) holds 1.79%. Holdings are as of June 30, 2018, filings.
Newmont Mining Corp. has a price-book ratio of 1.5 versus an industry median of 1.74 and an EV-to-Ebitda ratio of 7.04 compared to an industry median of 9.3.
Disclosure: I have no positions in any stock mentioned in this article.
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This article first appeared on GuruFocus.
Warning! GuruFocus has detected 4 Warning Signs with NEM. Click here to check it out.
The intrinsic value of NEM
