5 Best Copper Stocks to Buy Now

4. Newmont Corporation (NYSE: NEM)

Number of Hedge Fund Holders: 43  

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. In 2020, the firm produced more than 56 million pounds of copper, a slight dip from the previous year as the COVID-19 hit. In 2019, copper production was close to 79 million pounds. It is placed fourth on our list of 10 best copper stocks to buy now. 

On May 17, Newmont Corporation (NYSE: NEM) was one of the top performing stocks of the day as it gained close to 5% amid an overall bull run for the gold and mining industry at the stock market. Gold prices hit their year-to-date high in mid-May, before sliding in the weeks after.

At the end of the first quarter of 2021, 43 hedge funds in the database of Insider Monkey held stakes worth $994 million in Newmont Corporation (NYSE: NEM), down from 50 in the preceding quarter worth $1.2 billion. 

In its Q1 2020 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:

“The gold price helped support the stock price of Newmont Corporation, a Colorado-based miner with, in our view, highquality assets located in favorable mining jurisdictions in North America, South America, Australia and Africa. With what we consider an impressive portfolio of assets, strong management team, solid balance sheet and history of generating free cash flow, Newmont appears well positioned to withstand the economic disruptions related to the coronavirus pandemic.”