5 Best Gold Mining Stocks to Invest In

3. Newmont Corporation (NYSE: NEM) 

Number of Hedge Fund Holders: 43

Newmont Corporation (NYSE: NEM) ranks third on our list of the best gold mining stocks to invest in. It is one of the world’s largest gold mining companies based in Colorado, United States. Along with gold, it also mines silver, zinc, copper, and lead. The company owns the largest gold reserve with over 100 million ounces of gold. 

Newmont Corporation (NYSE: NEM) delivered strong Q1 2021 results with a net income of $594 million, up from $326 million during the same period last year. The EPS was recorded at $0.74. The company generated a revenue of $2.8 billion, showing an 11% year-over-year growth. Moreover, Newmont Corporation (NYSE: NEM) produced 1.5 million ounces of gold in Q1, accounting for $2.4 billion of the gross revenue. The quarterly dividend was declared at $0.55 per share. In May, BofA raised its price target on NEM stock to $69 due to growing net gold output in 2021.

At the end of Q1 2021, 43 hedge funds tracked by Insider Monkey have positions in Newmont Corporation (NYSE: NEM), worth $994 million. First Eagle Investment Management is the company’s biggest shareholder, with 18.4 million shares, worth $1.1 billion.