5 Basic Materials Companies That Billionaires Are Fond Of

#3. Barrick Gold Corporation (USA) (NYSE:ABX)

As of the end of the first quarter, 49 hedge funds in our database were long Barrick Gold Corporation (USA) (NYSE:ABX). Among them were ten funds run by billionaires, up from seven quarter-over-quarter. The billionaires’ combined stakes were valued at $959 million on March 31. One of the most notable positions was the one initiated by billionaire George Soros of Soros Fund Management, which loaded up on 19.4 million shares during the first quarter.

Shares of Barrick Gold Corporation (USA) (NYSE:ABX) are up by 195% year-to-date, accompanying the surge in gold prices. The Toronto-based gold miner, the largest in the world, announced last month that it will look to sell its 50% stake in the Kalgoorlie mine in Australia, as it continues to seek ways to cut $2 billion in debt this year. The company’s top-line declined by 10% year-over-year to $2.01 billion during the second quarter, though its adjusted earnings per share rose to $0.14 from $0.05.

#2. PPG Industries, Inc. (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) was also in the portfolio of the ten of the billionaire investors in our database on March 31, down from 11 at the start of the quarter, while their ten positions were valued at $397 million in aggregate. Billionaire David Tepper initiated a stake in PPG during the second quarter, consisting of 217,419 shares. PPG Industries, Inc. (NYSE:PPG) enjoyed strong second quarter growth in China, India, and Europe, and witnessed declines in both North American markets. Revenue from its largest segment, performance coatings, fell slightly year-over-year to $2.34 billion, while its second-largest segment, industrial coatings, saw a slight increase to $1.44 billion.

#1. Newmont Mining Corp (NYSE:NEM)

Lastly we come to Newmont Mining Corp (NYSE:NEM), which witnessed a 37.5% first quarter increase in the number of billionaire shareholders of the stock, with 11 billionaires that we track holding $376 million worth of its shares on March 31. Billionaire Ken Griffin’s Citadel Investment upped its stake in Newmont Mining by 32% to 3.10 million shares. Shares of Newmont Mining Corp (NYSE:NEM) have soared by over 150% year-to-date, aided by surging commodities prices. Barclays and Morgan Stanley both have ‘Equal Weight’ ratings on the stock, with price targets of $45 and $41 respectively. Shares currently change hands at slightly over $45.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned in this article.