We recently covered billionaire Paulson’s most favorite metals and mining stocks. Agnico Eagle Mines Ltd (NYSE:AEM) is part of the list. In this article we take a closer look at the stock. But first, let’s see what Paulson is up to these days.
Billionaire John Paulson made a strong comeback last year after suffering heavy losses from his healthcare bets in 2022. According to data from Bloomberg, Paulson’s funds returned about 32% in 2023, driven by gains from some of the best-performing mining, healthcare and financial stocks. Bloomberg also said that the 68-year-old billionaire, who is one of Donald Trump’s favorite candidates for the Treasury secretary role, was picking up momentum this year, with his funds gaining about $600 million in 2024 through mid-April.
Paulson, worth about $3.5 billion, has been in the news for several reasons lately. He filed for divorce in 2021, and is still embroiled in the legal battle with his former wife. He recently got engaged to his 35-year-old girlfriend Alina de Almeida. Paulson is also busy in a legal battle with his former business partners as the billionaire’s car dealerships in Puerto Rico were damaged in multiple fire eruptions.
But there’s more to Paulson that these scandals and controversies. He made a name (and wealth) for himself with his prescient stock-picking skills and wisdom. Paulson started warning about the subprime mortgage crisis back in 2006 and betting against the housing market. In the first nine months of 2007, Paulson’s Credit Opportunities funds jumped about 340%. Reports suggest that Paulson pocketed about $20 billion for himself and investors following the subprime mortgage bonds collapse.
For this article we scanned Paulson & Co.’s Q1’2024 portfolio and picked top 9 metals & mining stocks Paulson is owning significant stakes in and ranked them by using the dollar amount invested by billionaire John Paulson. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
Agnico Eagle Mines Ltd (NYSE:AEM)
Billionaire John Paulson Q1’2024 Stake Value: $46,739,414
Canadian gold mining company Agnico Eagle Mines Ltd (NYSE:AEM) is one of the best mining stocks to buy according to billionaire John Paulson. Paulson & Co owns a $47 million stake in Agnico Eagle Mines Ltd (NYSE:AEM). The stock has a dividend yield of over 2.3% as of May 27.
In April, Agnico Eagle Mines Ltd (NYSE:AEM) reported strong Q1 results. Adjusted EPS in the quarter came in at $0.76, beating estimates by $0.16. Revenue in the quarter jumped 21.2% year over year to $1.83 billion, surpassing estimates by $50 million.
Agnico Eagle Mines Ltd (NYSE:AEM) is one of the most popular gold mining stocks among the over 900 hedge funds tracked by Insider Monkey. 46 hedge funds reported owning stakes in Agnico Eagle Mines Ltd (NYSE:AEM) as of the end of the March quarter, up from 43 hedge funds in the previous quarter.
Agnico Eagle Mines Ltd (NYSE:AEM) ranks 5th in our list of the 9 Best Mining Stocks to Buy According to Billionaire John Paulson.
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Disclosure: None. This article is originally published at Insider Monkey.
