14 Best Affordable Stocks to Buy According to Hedge Funds

11. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 69

Share Price as of March 22: $47.36

P/E Ratio as of March 22: 16.56

Headquartered in Denver, Colorado, Newmont Corporation (NYSE:NEM) is a global mining company specializing in gold production and exploration. It also mines other metals like copper, silver, zinc, and lead. By the end of 2024, the company had 134.1 million ounces of gold reserves, down slightly from 135.9 million in 2023. Its tier-1 assets include 125.5 million ounces of gold, along with 13.5 million tonnes of copper and 530 million ounces of silver reserves. NEM is one of the best affordable stocks to watch out for.

On March 3, Newmont Corporation (NYSE:NEM) announced that it has sold three of its non-core mines, Musselwhite and Éléonore in Canada and Cripple Creek & Victor in Colorado, bringing in $1.7 billion after taxes. The company expects to close two more sales, Akyem in Ghana and Porcupine in Canada, in early 2025, adding another $800 million to its balance sheet. Altogether, Newmont’s divestments could reach $4.3 billion, helping to strengthen its finances and return value to shareholders.

Newmont Corporation (NYSE:NEM) closed 2024 with a strong financial performance, reporting $3.4 billion in net income, $3.48 per share in adjusted net income, and $8.7 billion in adjusted EBITDA for the year. The company generated $6.3 billion in operating cash flow and $2.9 billion in free cash flow, including a record $1.6 billion in the fourth quarter. Newmont also repurchased $1.2 billion in shares and paid $1.1 billion in dividends. NEM ended the year with $3.6 billion in cash and reduced debt by $1.4 billion.

According to Insider Monkey’s fourth quarter database, Newmont Corporation (NYSE:NEM) was a part of 69 hedge fund portfolios, compared to 63 funds in the last quarter.