In this article, we discuss the 5 best silver mining stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 12 Best Silver Mining Stocks To Buy Now.
5. Hecla Mining Company (NYSE:HL)
Number of Hedge Fund Holders: 17
Hecla Mining Company (NYSE:HL) discovers, acquires, develops, and produces precious and base metal properties in the United States and internationally. The company has the largest silver reserve in the United States. In mid-February, the firm announced that the silver reserve had climbed to more than 240 million oz. The firm revealed that measured and indicated silver and gold resources increased 6% with the inclusion of the Keno Hill mine in Canada. The mine added nearly 50 million silver oz to the reserves.
On February 16, Canaccord analyst Dalton Baretto maintained a Buy rating on Hecla Mining Company (NYSE:HL) stock and lowered the price target to $6.25 from $7.25, noting that silver production guidance for the coming months was in line with estimates, while costs came in better than estimates.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Driehaus Capital is a leading shareholder in Hecla Mining Company (NYSE:HL) with 4.7 million shares worth more than $26 million.
At the end of the fourth quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $69 million in Hecla Mining Company (NYSE:HL), the same as in the previous quarter worth $55 million.
4. Coeur Mining, Inc. (NYSE:CDE)
Number of Hedge Fund Holders: 17
Coeur Mining, Inc. (NYSE:CDE) explores for precious metals in the United States, Canada, and Mexico. It primarily explores for gold, silver, zinc, and lead properties. One of the premier projects of the firm is the Palmarejo gold and silver mine covering an area of approximately 67,279 net acres located in Northern Mexico. On February 22, the firm posted earnings for the fourth quarter of 2022, reporting a revenue of more than $210 million, up over 1% compared to the revenue over the same period last year and beating analyst expectations by $5.2 million.
On January 19, Canaccord analyst Dalton Baretto upgraded Coeur Mining, Inc. (NYSE:CDE) stock to Hold from Sell and raised the price target to $4 from $3, citing higher precious metal price forecasts as one of the main reasons behind the upgrade.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Coeur Mining, Inc. (NYSE:CDE) with 2.3 million shares worth more than $7.9 million.
At the end of the fourth quarter of 2022, 17 hedge funds in the database of Insider Monkey held stakes worth $38 million in Coeur Mining, Inc. (NYSE:CDE), up from 14 in the previous quarter worth $41 million.
3. Pan American Silver Corp. (NASDAQ:PAAS)
Number of Hedge Fund Holders: 18
Pan American Silver Corp. (NASDAQ:PAAS) engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. The firm is one of the most reliable in the silver business as it has consistently paid a dividend to shareholders for the past twelve years. In the last three, these payouts have grown. On February 23, the firm declared a quarterly dividend of $0.10 per share, in line with previous.
On March 1, investment advisory National Bank maintained an Outperform rating on Pan American Silver Corp. (NASDAQ:PAAS) stock and lowered the price target on the shares of the mining firm to C$32 from C$32.50.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Slate Path Capital is a leading shareholder in Pan American Silver Corp. (NASDAQ:PAAS) with 3.8 million shares worth more than $63 million.
At the end of the fourth quarter of 2022, 18 hedge funds in the database of Insider Monkey held stakes worth $282 million in Pan American Silver Corp. (NASDAQ:PAAS), compared to 21 in the previous quarter worth $210 million.
2. Wheaton Precious Metals Corp. (NYSE:WPM)
Number of Hedge Fund Holders: 28
Wheaton Precious Metals Corp. (NYSE:WPM) is a metal streaming company that primarily sells precious metals in Canada and internationally. Supply shortages of silver in the past few months have led to an increase in prices of the precious metal, benefiting the stocks of firms like Wheaton. The stock has returned more than 45% to investors in the past six months alone. Silver tends to outgain gold in periods of high inflation, per experts. Analysts say the price of silver could hit $30/oz this year.
On March 2, investment advisory Berenberg maintained a Buy rating on Wheaton Precious Metals Corp. (NYSE:WPM) stock and lowered the price target to GBP 4,000 from GBP 4,200. Analyst Richard Hatch issued the ratings update.
At the end of the fourth quarter of 2022, 28 hedge funds in the database of Insider Monkey held stakes worth $672 million in Wheaton Precious Metals Corp. (NYSE:WPM), up from 25 in the previous quarter worth $564 million.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in Wheaton Precious Metals Corp. (NYSE:WPM) with 20 million shares worth more than $79 million.
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 50
Newmont Corporation (NYSE:NEM) is a Colorado-based mining firm that has interests in gold, copper, silver, zinc, and lead. It operates in several countries around the world, including the United States, Canada, Mexico, Peru, Argentina, Australia, and Ghana, among others. The company has an impressive dividend history stretching back more than three decades. In late February, the firm declared a quarterly dividend of $0.40 per share, in line with previous. The forward yield was 3.62%.
On March 13, investment advisory Canaccord upgraded Newmont Corporation (NYSE:NEM) stock to Buy from Hold and raised the price target to $55 from $53. Analyst Carey MacRury issued the ratings update.
At the end of the fourth quarter of 2022, 50 hedge funds in the database of Insider Monkey held stakes worth $991 million in Newmont Corporation (NYSE:NEM), compared to 53 in the preceding quarter worth $1 billion.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in Newmont Corporation (NYSE:NEM) with 18 million shares worth more than $868 million.
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