5 Gold Stocks to Buy Amid Russian Attack on Ukraine

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 45

Newmont Corporation (NYSE:NEM) is a gold-mining company based in Colorado with operations in Canada, Mexico, Peru, Suriname, Australia, Ghana, Argentina, Chile, and the Dominican Republic. The firm also mines for lead, copper, silver, and zinc. With a market cap of $53.2 billion, Newmont Corporation (NYSE:NEM) is the only gold company to be listed in the S&P 500. As of February 25, shares of Newmont Corporation (NYSE:NEM) have gained 20.99% in the last 12 months, and 9.48% year to date.

In February, Newmont Corporation (NYSE:NEM) bought Buenaventura’s (NYSE:BVN) 43.65% interest in Minera Yanacocha, which is South America’s largest gold mine, for a $300 million payment plus contingent payments of up to $100 million. This will bring Newmont Corporation’s (NYSE:NEM) stake in the gold mine up to 95%.

Reporting its fourth quarter earnings on February 24, Newmont Corporation (NYSE:NEM) posted earnings per share of $0.78, above consensus estimates by $0.01. Revenue figure of $3.39 billion was also analysts’ forecasts by $13.58 million. As of February 25, Newmont Corporation (NYSE:NEM) offers a healthy dividend yield of 3.24%.

As of the fourth quarter, 45 out of 924 elite hedge funds tracked by Insider Monkey held stakes worth $1.39 billion in Newmont Corporation (NYSE:NEM). This is in comparison to 48 hedge funds with positions worth $774.45 million in the company in the quarter before.

First Eagle Investment Management was the top shareholder in Newmont Corporation (NYSE:NEM), with 17.43 million shares worth $1.08 billion. The investment firm also mentioned Newmont Corporation (NYSE:NEM) in its Q3 2021 investor letter, stating:

“The largest gold miner in the world, Newmont shares lost ground in what was a volatile and ultimately down quarter for the price of gold. The Colorado-based company has continued to execute well in what has been a challenging environment. The company recently reaffirmed its full-year 2021 production guidance, but indicated that it was likely to come in at the mid to low point of the range provided as a result of disruptions from Covid-19 as well as severe weather events. It also noted that inflation pressures were likely to push its costs higher in 2021. None of this changes our opinion of the stock, which has historically offered steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet and proven management.”