5 Best Material Stocks To Buy Now

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

Number of Hedge Fund Holders: 76

Metal manufacturer Freeport-McMoRan Inc. (NYSE:FCX) tops the list of 10 best material stocks to buy now. Recently, the Arizona-based company announced a 58% revenue growth in Q3 2021. Aside from the metal producer’s robust business, Freeport-McMoRan Inc. (NYSE:FCX) offers its stockholders a 0.76% dividend yield.

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Freeport-McMoRan Inc. (NYSE:FCX) with 46 million shares worth more than $1.53 billion as of the third quarter.

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 $3.87 billion. This shows the hedge fund sentiment is positive for the company as 68 funds had stakes in the company in the previous quarter, having a total worth of $3.29 billion.

Analyst Timna Tanners of Wolfe Research initiated an Outperform rating on Freeport-McMoRan Inc. (NYSE:FCX) on November 16. The analyst sees potential on Freeport-McMoRan’s copper segment through at least 2023. Tanners set a price target of $47 for the material stock.

You can also take a peek at the 10 Best Mining Stocks To Buy Now and Cathie Wood’s Latest Stock Picks Under $10.

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