5 Best Materials Stocks To Invest In

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

Number of Hedge Fund Holders: 73

Headquartered in the Freeport-McMoRan Center in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX), commonly known as Freeport, stands as a prominent American mining company. Renowned as the world’s largest molybdenum producer, it holds a significant position in copper production and operates the largest gold mine globally, the Grasberg mine situated in Papua, Indonesia.

Freeport-McMoRan Inc. (NYSE:FCX) reported a nearly 12.4% rise in net income attributable to common stockholders, reaching $454 million in Q3 2023 compared to $404 million in the corresponding period last year. The growth is attributed to increased sales volumes and copper production. Revenues for the quarter stood at $5.82 billion, marking a 16.3% increase from the $5 billion reported in the same quarter of 2022. Freeport-McMoRan Inc. (NYSE:FCX)’s consolidated production for Q3 included 1.1 billion pounds of copper, 532,000 ounces of gold, and 20 million pounds of molybdenum.

By the end of 2023’s third quarter, 73 out of the 910 hedge funds profiled by Insider Monkey had held a stake in the firm. Freeport-McMoRan Inc. (NYSE:FCX)’s biggest hedge fund investor is Ken Fisher’s Fisher Asset Management as it owns $2 billion worth of shares.