5 Best Basic Material Stocks to Buy Now

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1. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 76

Mining giant Freeport-McMoRan Inc. (NYSE:FCX) tops the list of the 10 best material stocks to buy now. The Arizona-based mining company engages in the exploration of minerals such as copper, molybdenum, and gold. The company runs several mining facilities in North and South America. Freeport-McMoRan Inc. (NYSE:FCX) also mines one of the biggest copper and gold deposits in the world located in Papua, Indonesia, in the Grasberg minerals district.

On October 6, Exane BNP Paribas analyst Jatinder Goel upgraded Freeport-McMoRan Inc. (NYSE:FCX) to Outperform from Neutral, with a price target of $39.50 per share. Meanwhile, BofA analyst Lawson Winder reiterated a Buy rating and a $30 price target for the mining stock. 

On October 11, shares of Freeport-McMoRan Inc. (NYSE:FCX) climbed 8.4% as copper prices went up 2.6%to $9,280 a ton on the London Metal Exchange.

In the second quarter of 2021, Freeport-McMoRan Inc. (NYSE:FCX) reported an EPS of $0.77, beating estimates by $0.02. The company’s revenue in the second quarter grew 85% year over year to $5.75 billion. The stock gained 104% in the past twelve months.

As of the end of the second quarter, 76 hedge funds tracked by Insider Monkey reported owning stakes in Freeport-McMoRan Inc. (NYSE:FCX). The total worth of these stakes is $3.86 billion. This shows the hedge fund sentiment is positive for the mineral mining company as only 68 funds had stakes in the company in the previous quarter, having a total worth of $3.29 billion.

You can also take a peek at the 11 Best 5G Stocks To Buy According To Hedge Funds and Billionaire DE Shaw’s Top 10 Stock Picks.

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