Top 5 Zinc Stocks Picked By Hedge Funds for 2022

1. Newmont Corp. (NYSE:NEM)

Number of Hedge Fund Holdings: 56

Based in Greenwood Village, Colorado, Newmont Corporation (NYSE:NEM) is an American mining company which engages in the production of gold, copper, silver, zinc, and lead. It is the largest gold mining corporation in the world. Newmont Corporation (NYSE:NEM) is spending $500 million per year on renewable energy projects through 2025 to reduce carbon emissions by 30% by 2030. Hedge fund sentiment around Newmont Corporation (NYSE:NEM) turned favorable in Q2 2022, with 56 hedge funds having stakes worth $2.92 billion. This was up from 53 hedge funds in Q1 2022, which had stakes valued at $3.53 billion. As of Q2 2022, Heathbridge Capital Management is the largest shareholder in the stock, owning more than 0.52 million shares worth $21.75 million.

On September 12, Goldman Sachs analyst Emily Chieng initiated coverage of Newmont Corporation (NYSE:NEM) with a Buy rating and a $53 price target. According to the analyst, the stock’s cheap valuation creates the ideal entry point for low-risk investors. The analyst noted above-peer production growth for the company through 2026 with the commencement of development projects including Ahafo North, Tanami Expansion 2, and Yanacocha Sulfides in the next 2-4 years.

Here is what First Eagle Investment Management had to say about Newmont Corporation (NYSE:NEM) in their Q3 2021 investor letter:

“The largest gold miner in the world, Newmont shares lost ground in what was a volatile and ultimately down quarter for the price of gold. The Colorado-based company has continued to execute well in what has been a challenging environment. The company recently reaffirmed its full-year 2021 production guidance, but indicated that it was likely to come in at the mid to low point of the range provided as a result of disruptions from Covid-19 as well as severe weather events. It also noted that inflation pressures were likely to push its costs higher in 2021. None of this changes our opinion of the stock, which has historically offered steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet and proven management.”

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