5 Worst Performing Stocks in S&P 500

3. Newmont Corporation (NYSE:NEM)

YTD Performance as of February 23: -24.43%

Number of Hedge Fund Holders: 53

Denver, Colorado-based Newmont Corporation (NYSE:NEM) is the world’s leading gold company and a producer of copper, zinc, lead, and silver. Its portfolio of assets, prospects and talent is anchored in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea.

On February 22, Newmont Corporation (NYSE:NEM) announced ‘balanced capital allocation strategy’. As part of the strategy, the company intends to divest 6 non-core assets and 2 non-core projects. It also intends to reduce its debt through free cash flow and proceeds from divestments. In addition, the company intends to return capital to shareholders through annualized dividend of $1.0 per share and $1.0 billion share repurchases over the next two years.

As of Q4 2023, 53 hedge funds owned shares of Newmont Corporation (NYSE:NEM), valued at a whopping $849 million. First Eagle Investment Management owns 23.8 million shares of the company, valued at $983 million.