5 Best Mining Stocks Hedge Funds Are Buying

In this piece, we will take a look at the five best mining stocks hedge funds are buying. If you want to take a deeper look at the mining industry, head on over to 12 Best Mining Stocks Hedge Funds Are Buying.

5. Arch Resources, Inc. (NYSE:ARCH)

Number of Hedge Fund Investors In Q1 2023: 42

Arch Resources, Inc. (NYSE:ARCH) is a coal mining company with operations primarily in America. The firm’s shares are up by more than 300% over the past three years but have lost some of the gains this year. Despite this, the average share price target is $168, significantly higher than the $111 share price.

42 of the 943 hedge funds part of Insider Monkey’s database had bought Arch Resources, Inc. (NYSE:ARCH)’s shares during this year’s March quarter.

4. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Investors In Q1 2023: 42

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company with a global operations base. It is one of the few companies on our list whose shares are rated a Strong Buy on average.

After digging through 943 hedge funds for their first quarter of 2023 investments, Insider Monkey discovered that 42 had invested in the firm. Out of these, Agnico Eagle Mines Limited (NYSE:AEM)’s biggest shareholder is Jean-Marie Eveillard’s First Eagle Investment Management due to its $318 million stake.

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Investors In Q1 2023: 52

Newmont Corporation (NYSE:NEM) mines a variety of metals such as gold, copper, silver, and zinc. Even though its shares currently trade for around $41, the average share price target is $77.

Insider Monkey took a look at 943 hedge fund portfolios for 2023’s first quarter and found 52 investors in Newmont Corporation (NYSE:NEM). Out of these, Jean-Marie Eveillard’s First Eagle Investment Managemen has the largest shareholding, courtesy of its $903 million investment.

2. Teck Resources Limited (NYSE:TECK)

Number of Hedge Fund Investors In Q1 2023: 66

Teck Resources Limited (NYSE:TECK) is a Canadian coal, lead, silver, zinc, and copper producer. It is one of the most highly rated stocks on our list, with 15 of the 19 analysts covering it setting a rating of Buy or better.

66 of the 943 hedge funds part of Insider Monkey’s Q1 2023 database had bought the firm’s shares. Eric W. Mandelblatt’s Soroban Capital Partners is Teck Resources Limited (NYSE:TECK)’s largest investor, owning a stake worth $404 million.

1. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Investors In Q1 2023: 77

Freeport-McMoRan Inc. (NYSE:FCX) is a copper producer that also mines other metals such as gold and silver. The firm is currently facing problems in Indonesia, as its copper stocks are increasing but the government is yet to approve an export perming.

By the end of this year’s March quarter, 77 of the 943 hedge funds surveyed by Insider Monkey had invested in Freeport-McMoRan Inc. (NYSE:FCX). Out of these, the largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management through a $2.2 billion investment.

Disclosure: None. You can also take a look at 10 Dirt Cheap Stocks To Buy and 13 Best Basic Materials Stocks to Buy Now.

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