5 Best Materials Stocks to Buy Now

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

Number of Hedge Fund Holders: 68

Freeport-McMoRan Inc. (NYSE:FCX) engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores copper, gold, molybdenum, silver, and other metals along with oil & gas. On July 21, Freeport-McMoRan Inc. (NYSE:FCX) reported earnings for the fiscal second quarter of 2022. The company reported earnings per share of $0.58 and generated a revenue of $5.42 billion.

On July 22, Deutsche Bank analyst Abhi Agarwal revised his price target on Freeport-McMoRan Inc. (NYSE:FCX) to $35 from $37 and reiterated a Hold rating on the shares.

As of August 16, Freeport-McMoRan Inc. (NYSE:FCX) has a trailing twelve-month PE ratio of 9.79 and is offering a forward dividend yield of 1.97%, which the company supports with free cash flows of $4.65 billion.

At the close of the first quarter of 2022, 68 hedge funds were eager on Freeport-McMoRan Inc. (NYSE:FCX) and held stakes worth $4.10 billion in the company. This is compared to 66 hedge funds in Q4 2021 with stakes worth $3.77 billion. The hedge fund sentiment for the stock is positive.

As of June 30, Fisher Asset Management owns more than 52 million shares of Freeport-McMoRan Inc. (NYSE:FCX) and is the largest shareholder in the company. The investment covers 1.07% of Ken Fisher’s 13F portfolio.

Here is what investment management firm, Carillon Tower Advisers, had to say about Freeport-McMoRan Inc. (NYSE:FCX) in its “Carillon Scout Mid Cap Fund” first-quarter 2022 investor letter:

“Supply chains eased for some goods, but remained challenged for many commodities including energy, agriculture, and fertilizer due to war and general scarcity, and also in many consumer products as semiconductors remained in short supply. Copper and gold producer Freeport- McMoRan (NYSE:FCX) rose as copper prices remained strong due to supply shortages and growing use in renewable energy systems and electric vehicles.”

You can also take a look at 10 Best Construction Materials Stocks To Buy Now and Top 15 Building Materials Companies in USA.

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