A company insider recently sold 11,000 shares of Newmont Corporation [NEM]. Should You Sale?


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Newmont Corporation shares valued at $486,750 were sold by Palmer Thomas Ronald on Mar 01. At $44.25 per share, Palmer Thomas Ronald sold 11,000 shares. The insider’s holdings dropped to 322,039 shares worth approximately $14.15 million following the completion of this transaction.

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Also, Atkinson Robert D sold 3,000 shares, netting a total of over 132,750 in proceeds. Following the sale of shares at $44.25 each, the insider now holds 87,751 shares.

Before that, Palmer Thomas Ronald had sold 11,000 shares from its account. In a trade valued at $580,250, the President & CEO traded Newmont Corporation shares for $52.75 each. Upon closing the transaction, the insider’s holdings decreased to 11,000 shares, worth approximately $8.3 million.

As published in a research note from TD Securities on February 24, 2023, Newmont Corporation [NEM] has been rated up from a Hold to a Buy and the price target has been revised to $55. This represents a 20.11% premium over Thursday’s closing price. Analysts at UBS downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid February. As of February 13, 2023, Exane BNP Paribas has increased its “Neutral” rating to a “an Outperform” for NEM. Earlier on January 19, 2023, Canaccord Genuity downgraded its rating. Their new recommendation was “a Hold” for NEM stock which previously was a “a Buy”.

Analyzing NEM Stock Performance

On Thursday, Newmont Corporation [NYSE: NEM] plunged -0.36% to $43.94. The stock’s lowest price that day was $43.50, but it reached a high of $44.04 in the same session. During the last five days, there has been a drop of approximately -0.72%. Over the course of the year, Newmont Corporation shares have dropped approximately -6.91%. Shares of the company reached a 52-week high of $60.08 on 01/24/23 and a 52-week low of $43.01 on 02/28/23. A 50-day SMA is recorded $49.28, while a 200-day SMA reached $49.71. Nevertheless, trading volume fell to 5.55 million shares from 6.49 million shares the previous day.

Support And Resistance Levels for Newmont Corporation (NEM)

According to the 24-hour chart, there is a support level at 43.61, which, if violated, would cause prices to drop to 43.29. In the upper region, resistance lies at 44.15. The next price resistance is at 44.37. RSI (Relative Strength Index) is 32.55 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.33, which suggests the price will decrease in the coming days. Percent R is at 83.54%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Newmont Corporation subject to short interest?

Stocks of Newmont Corporation saw a sharp rise in short interest on Jan 12, 2023 jumping by 1.36 million shares to 13.05 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 11.69 million shares. A jump of 10.42% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.96 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.96.

Which companies own the most shares of Newmont Corporation (NEM)?

According to The Vanguard Group, Inc. filings, the company currently owns 65,816,674 shares, which is about 8.29% of the total NEM shares outstanding. The investor’s shares have appreciated by 723,791 from its previous 13-F filing of 65092883.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $2,659,716,727. SSgA Funds Management, Inc. reduced a -0.70% interest valued at $2.13 billion while Van Eck Associates Corp. purchased a 2,921,657 stake. A total of 541,428 shares of Newmont Corporation were bought by First Eagle Investment Management during the quarter, and -4,028,248 were sold by BlackRock Investment Management. In its current portfolio, Charles Schwab Investment Managem holds 16,560,326 shares valued at $876.54 million.

In terms of Newmont Corporation share price expectations, FactSet research, analysts set an average price target of $55.96 in the next 12 months, up nearly 26.98% from the previous closing price of $44.10. Analysts anticipate Newmont Corporation stock to reach $70.00 by 2023, with the lowest price target being $37.38. In spite of this, 22 analysts ranked Newmont Corporation stock as an Overweight at the end of 2023. On September 12, 2022, Goldman assigned a price target of “a Buy” to the stock and initiated coverage with a $53.


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