5 Best Mining Stocks To Buy Now

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

Number of Hedge Fund Holders: 76

We’ll wrap up our list of the 10 best mining stocks to buy now with Freeport-McMoRan Inc. (NYSE:FCX), an Arizona-based mining giant. In the third quarter, Freeport-McMoRan Inc. (NYSE:FCX) produced 987 million pounds of metal, making the company the world’s largest copper miner. The mining company has established operations in North America, South America, and Indonesia.

The mining company’s revenue in the third quarter grew 58% year over year to $6.08 billion, owing to higher copper prices and increased production. The stock gained 98% in the previous year. 

Argus Research analyst David Coleman increased his price target on Freeport-McMoRan Inc. (NYSE:FCX) to $45 from $40 on October 22. Coleman maintained a Buy rating on the stock, believing that the Arizona-based mining company is well-positioned to profit from rising metal prices. The analyst also raised his EPS forecast for 2021 from $2.85 to $2.97.

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.

At the end of the second quarter of 2021, 76 hedge funds in the database of Insider Monkey held stakes worth $3.87 billion in Freeport-McMoRan Inc. (NYSE:FCX), up from 68 in the previous quarter worth $3.29 billion.

You can also take a peek at 10 Best Shipping and Container Stocks To Buy and 11 Best Covid Vaccine and Pill Stocks To Invest In.

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