5 Best Precious Metal Stocks To Buy Now

2. Newmont Corporation (NYSE: NEM)

No. of Hedge Fund Holders: 50

Colorado-based Newmont is one of the biggest gold mining companies in the world, with operations in Mexico, Canada, Australia, Ghana, Peru and Argentina. In addition to gold, the company also mines several other precious and essential metals like silver, zinc, lead and copper. In the fourth quarter, the company’s adjusted EPS more than doubled and crushed analysts’ forecasts, thanks to higher prices in the period. Adjusted profit in the period jumped to $856 million, from $410 million in the same quarter a year ago. The stock is up about 10% since the start of the year.

As of the end of the fourth quarter, 50 hedge funds tracked by Insider Monkey held stakes in the company.

In one of their 2020 investor letters, First Eagle Investment Management highlighted a few stocks and Newmont Corp (NYSE:NEM) is one of them. Here is what First Eagle said:

“Given what we view as a high-quality management team and robust balance sheet, Colorado’s Newmont is a prime example of a miner that was prepared to meet the challenges of Covid19. With rigorous protocols already in place, the company has been proactive in managing its mines to protect local communities and infrastructure while at the same time mitigating the pandemic’s impact on its business. In contrast with broad market trends that have companies cutting or suspending dividend payments, Newmont recently increased its quarterly dividend by 79%.”