5 Best Basic Materials Stocks to Buy Now

4. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 50

Earlier this month, Bloomberg reported that Newcrest Mining’s board was prepared to recommend a takeover offer from Newmont (NYSE:NEM) to its shareholders. Newmont Corporation (NYSE:NEM) in April put in a non-binding offer to buy Newcrest in a deal that valued the Australian mining company Newcrest a A$29.4 billion.

A total of 50 hedge funds in Insider Monkey’s database of 943 funds had stakes in Newmont Corporation (NYSE:NEM) as of the end of the fourth quarter. The biggest stakeholder of Newmont Corporation (NYSE:NEM) was First Eagle Investment Management of Jean-Marie Eveillard which had an $868 million stake in the company.