14 Best Precious Metals Stocks to Buy Now

Page 13 of 13

1. Newmont Corp. (NYSE:NEM)

Market Cap: $89.8 Billion

Number of Hedge Fund Holders: 66

Newmont Corp. (NYSE:NEM) is one of the best precious metals stocks to buy now. On September 19, Daniel Major, an analyst at UBS, increased the price target on the company’s stock substantially to $92 from $70, while maintaining his Buy rating. This increase is a part of a series of reviews of its precious metals coverage undertaken by analysts at UBS.

On the same day, Newmont also announced the divestment of its entire stake in Orla Mining Ltd. The company sold approximately 43 million shares (~13.3% stake), listed on the Toronto Stock Exchange, for a consideration of $439 million (approximately C$605 million). Earlier, on September 9, Agnico Eagle Mines Ltd. (NYSE:AEM) had also monetized its stake in Orla Mining by selling its 11.3% stake or ~38 million shares for a total consideration of C$560.5 million.

Earlier, on September 15, the company informed stakeholders that it would sell its Coffee Project in Yukon, Canada, to Fuerte Metals Corporation for up to $150 million, with the expectation of closing the deal in the fourth quarter of 2025.

Tom Palmer, the company’s CEO, said that the decision to sell was driven by better capital allocation opportunities elsewhere as well as the company’s effort to focus on its core assets. Management had announced its plans to streamline the portfolio the previous year and has since implemented several strategic decisions for its non-core assets.

Newmont Corp. (NYSE:NEM) is the world’s largest gold producer. The company also produces copper, silver, zinc, and lead, with a portfolio of mines and projects spanning North America, South America, Australia, and Africa.

While we acknowledge the potential of NEM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NEM and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 11 Best Performing Data Center Stocks to Buy Now and 11 Best Low-Priced Technology Stocks to Buy Right Now.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 13 of 13