5 Best Gold Mining Stocks to Invest In

4. Agnico Eagle Mines Limited (NYSE: AEM) 

Number of Hedge Fund Holders: 28

Agnico Eagle Mines Limited (NYSE: AEM) is a gold mining company based in Toronto, Canada. The company has mines in Canada, Mexico, and Finland, as well as exploration sites in the U.S. and Colombia. In 2020, it produces over 1.7 million ounces of gold with a total of 24.1 million ounces in reserves. Along with gold, Agnico Eagle Mines Limited (NYSE: AEM) also engages in silver, zinc, and copper. The company ranks fourth on our list of the best gold mining stocks to invest in. 

In Q1 2021, Agnico Eagle Mines Limited (NYSE: AEM) reported a net income of $162 million and an EPS of $0.67, beating the market estimate of $0.60. The company’s revenue showed a 39% year-over-year growth and stood at $934.3 million, 97% of which was generated by gold sales. In Q1, the total gold production was recorded at 505koz, mainly driven by Kittila Mine, Canadian Malartic, and Meadowbank. In 2021, the company expects 2.04 million ounces of gold production with a cash cost of approximately $750 per ounce. In June, Raymond James maintained a ‘Buy’ rating on the stock with the price target of $93. 

At the end of Q1 2021, 28 hedge funds tracked by Insider Monkey have positions in Agnico Eagle Mines Limited (NYSE: AEM), worth $247 million. Southport Management is the biggest shareholder of the company with 10,000 shares, worth $578 million.