5 Mining Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management

2. Barrick Gold Corporation (NYSE:GOLD)

Platinum Asset Management’s Stake Value: $135 million

Percentage of Platinum Asset Management’s 13F Portfolio: 3.77%

Number of Hedge Fund Holders: 46

Barrick Gold Corporation (NYSE:GOLD) is a  gold mining company headquartered in Canada. The company has mining interests all over the globe from North and South America to Africa.

Barrick Gold Corporation (NYSE:GOLD)’s fiscal fourth quarter saw it bring in $3.3 billion in revenue and $0.35 GAAP EPS. These beat Wall Street estimates for both metrics. The company’s price target was raised to $24 from $3 by Jefferies in March 2022, as part of a broader analyst optimism about the mining market.

Mr. Neilson’s hedge fund owned 7 million Barrick Gold Corporation (NYSE:GOLD) shares during the fourth quarter of last year. This gave it a $135 million stake which represented 3.77% of its portfolio. During the same time period, 46 of the 924 hedge funds part of Insider Monkey’s survey had also invested in the company.

Jean-Marie Eveillard’s First Eagle Investment Management is Barrick Gold Corporation (NYSE:GOLD)’s largest investor, holding a $510 million stake via 26 million shares.

ClearBridge Investments mentioned the company in its fourth quarter 2021 investor letter. Here is what the firm said:

“Also within the structural bucket, we have selectively added to our commodity exposure with the purchase of Barrick Gold (NYSE:GOLD). Canadian mining company Barrick Gold is a play on operating improvements. The company has aggressively delevered its balance sheet and reduced capex spending to a lower level more permanently, directing its healthy free cash flow to dividends and buybacks.”