5 Stocks Under $50 To Buy Now

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1. Teck Resources Ltd (NYSE:TECK)

Share Price as of November 23: $36.57

Number of Hedge Fund Holders: 75

Vancouver, Canada-based, Teck Resources Ltd (NYSE:TECK) is a leading mining company with major business units focused on copper, zinc, and steelmaking coal. It ranks among the top 10 copper producers in the Americas and is the largest net Zinc miner globally.

On November 13, Teck Resources Ltd (NYSE:TECK) announced agreements to sell its entire stake in its steelmaking coal business at an implied value of $9.0 billion. The transaction comprises the sale of 77% stake to Glencore plc for $6.9 billion in cash, and a minority stake to Nippon Steel Corporation. The company intends to use the proceeds to strengthen its balance sheet, return cash to shareholders and to realize value from its copper growth portfolio.

As of Q3 2023, Teck Resources Ltd (NYSE:TECK) was ranked highest on our list of stocks under $50 to buy now. The stock was held by 75 hedge funds with the total shares held by hedge funds valued at $2.7 billion. Eric Mandelblatt’s Soroban Capital Partners held the most shares with ownership of 10.1 million shares valued at $434 million.

You may also like to read Jim Cramer’s Top 10 Stock Picks for 2023 and 15 Stocks Billionaire David Einhorn Just Bought and Sold

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