Bruce R. Brook, a director at Newmont Corp (NYSE:NEM), has sold 2,077 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $40 per share, amounting to a total transaction value of $83,080. The transaction comes as Newmont's stock trades near $40.16, down about 17% over the past six months, though InvestingPro analysis suggests the stock is currently undervalued. This sale was conducted under a pre-established Rule 10b5-1 trading plan dated September 3, 2024. Following the transaction, Brook holds 52,070 shares of Newmont Corp. While this insider sale occurred, InvestingPro data shows the company has maintained dividend payments for 54 consecutive years and management has been actively buying back shares. Get deeper insights into insider trading patterns and 8 additional ProTips with an InvestingPro subscription.
In other recent news, Newmont Corporation has been active in restructuring its operations and portfolio. The company initiated a significant restructuring process, merging five of its units into three, and dismissing several senior managers, in a bid to streamline operations and consolidate its business units. Additionally, Newmont has been executing a divestiture strategy, selling its Cripple Creek & Victor operation in Colorado for up to $275 million and its Musselwhite mine in Ontario, Canada, for up to $850 million.
Newmont also announced the appointment of Brian Tabolt as its new Chief Accounting Officer and Group Head of Finance. Concurrently, Joshua Cage will transition to the role of Global Controller and Head of Operations Accounting. In the realm of stock analysis, UBS downgraded Newmont from Buy to Neutral due to disappointing third-quarter results and lowered medium-term production forecasts.
Lastly, according to Susquehanna International Group, investors are turning to low-cost calls and call spreads for exposure to potential year-end strength, with a focus on companies like Newmont, which has seen notable gains in the second half of December over the last decade. These are the recent developments for Newmont Corporation.
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