1. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 79
Freeport-McMoRan Inc. (NYSE:FCX). is a global mining company. Its mining operations are divided into four main divisions: molybdenum mines, South American mining, Indonesian mining, and copper mines in North America. The Morenci, Cerro Verde, and Grasberg copper mines in Indonesia, the Rod & Refining operations, and Atlantic Copper Smelting and Refining are its reportable segments. The sale of copper provides the majority of its revenue.
One of the biggest producers of copper in the world, Freeport-McMoRan Inc. (NYSE: FCX) gains from its expansive operations and adaptable production capacities. The demand for copper is a key factor in the stock’s performance, and the global electrification trend and China’s stimulus programs have recently fueled advances.
Orest Wowkodaw, an analyst with Scotiabank, raised the company’s price target for Freeport-McMoRan from $52 to $53 and maintained a Sector Perform rating for the shares. The analyst informs investors that the company expects miners to report somewhat mixed financial results for the third quarter of 2024, with lower mineral prices offsetting better operating performance. Scotiabank’s current projections are significantly lower than consensus expectations, and the business anticipates considerable negative consensus revisions in the coming weeks. The firm also believes that the market will pay close attention to updates on specific project ramp-ups and possible modifications to negative forecasts.
On the other hand, Freeport-McMoRan was upgraded by UBS from Neutral to Buy, with a price objective of $55, up from $54. According to the analyst’s research note to investors, positioning for copper has improved since the third quarter price correction, and the fundamental outlook for the metal is still favorable. Although the company recognizes near-term risks from consensus downgrades, UBS views current levels as an appealing medium-term entry-point and believes the Freeport-McMoRan bottom-up investment case is largely de-risked with the completion of the smelter and the anticipated extension of the license at Grasberg.
Ken Fisher’s Fisher Asset Management is the largest shareholder in the company from among the funds in Insider Monkey’s database. It owns 58,016,901 shares worth $2.82 billion as of Q2.
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