Is Newmont Mining Corp (NEM) A Good Stock To Buy?

Due to the fact that Newmont Mining Corp (NYSE:NEM) has witnessed bearish sentiment from the entirety of the hedge funds we track, it’s safe to say that there was a specific group of fund managers that slashed their entire stakes in the third quarter. At the top of the heap, Stanley Druckenmiller’s Duquesne Capital dropped the biggest investment of the “upper crust” of funds tracked by Insider Monkey, totaling close to $29.9 million in stock. Shane Finemore’s fund, Manikay Partners, also sold off its stock, about $11.7 million worth. These transactions are interesting, as total hedge fund interest dropped by 1 funds in the third quarter.

Let’s now review hedge fund activity in other stocks similar to Newmont Mining Corp (NYSE:NEM). These stocks are Vantiv Inc (NYSE:VNTV), Computer Sciences Corporation (NYSE:CSC), Icahn Enterprises LP (NASDAQ:IEP), and Credicorp Ltd. (USA) (NYSE:BAP). This group of stocks’ market caps are closest to NEM’s market cap.

As you can see these stocks had an average of 21.25 hedge funds with bullish positions and the average amount invested in these stocks was $2508 million. That figure was $536 million in NEM’s case. Computer Sciences Corporation (NYSE:CSC) is the most popular stock in this table. On the other hand Icahn Enterprises LP (NASDAQ:IEP) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks Newmont Mining Corp (NYSE:NEM) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.