5 Best Copper Stocks to Buy

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 52  

Newmont Corporation (NYSE:NEM) is the largest gold mining company in the world. It also has interests in other metals, like copper and zinc. In addition to the United States, the firm operates in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana, among other countries. Recent reports indicate that the company has increased an offer to acquire Newcrest Mining, an Australian gold producer, to $19.5 billion. This revised offer comes as Newmont aims to strengthen in the global gold market and expand a portfolio of mining assets. 

On May 2, investment advisory National Bank maintained an Outperform rating on Newmont Corporation (NYSE:NEM) stock and raised the price target to C$94 from C$91. Analyst Mike Parkin issued the pricing update. 

At the end of the first quarter of 2023, 52 hedge funds in the database of Insider Monkey held stakes worth $628 million in Newmont Corporation (NYSE:NEM), compared to 50 in the preceding quarter worth $991 million. 

In its Q2 2022 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Newmont Corporation (NYSE:NEM) was one of them. Here is what the fund said:

“Shares of Colorado-based Newmont Corporation (NYSE:NEM), the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”