5 Best Basic Materials Stocks to Buy Now

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

Number of Hedge Fund Holders: 68

Freeport-McMoRan Inc. (NYSE:FCX) in April posted first-quarter results that beat estimates on both earnings and revenue. But the revenue showed a massive decline year over year, mainly because of rains in February at the Grasberg mine in Indonesia.

As of the end of the last quarter of 2022, 68 hedge funds were piled into the company with stakes worth $3.3 billion, according to Insider Monkey’s database. The biggest stakeholder of Freeport-McMoRan Inc. (NYSE:FCX) was Ric Dillon’s Diamond Hill Capital which owns a $415 million stake in the company.

Diamond Hill Large Cap Strategy made the following comment about Freeport-McMoRan Inc. (NYSE:FCX) in its Q4 2022 investor letter:

“Other top contributors during the quarter were copper producer Freeport-McMoRan Inc. (NYSE:FCX) and health care facilities operator HCA Healthcare. With little fundamental news to report, Freeport-McMoRan’s share price advance in Q4 reflected a rebound in copper prices, driven by the recognition that copper inventories are low relative to historical norms. We believe the company continues to have meaningful price and volume leverage in a copper constrained world.”

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