5 Best Mining Stocks To Buy Now

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

Number of Hedge Fund Holders: 73

Situated in the Freeport-McMoRan Center in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX), commonly referred to as Freeport, is a prominent American mining company. Recognized 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 located in Papua, Indonesia.

In Q3 2023, Freeport-McMoRan Inc. (NYSE:FCX) reported a notable 12.4% increase in net income attributable to common stockholders, reaching $454 million compared to $404 million in the corresponding period the previous year. This growth is attributed to heightened sales volumes and copper production. Revenues for the quarter amounted to $5.82 billion, reflecting 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 conclusion of the third quarter of 2023, 73 out of the 910 hedge funds analyzed by Insider Monkey had acquired a stake in the company. The most significant hedge fund investor in Freeport-McMoRan Inc. (NYSE:FCX) is Fisher Asset Management, led by Ken Fisher, with ownership of shares valued at $2 billion.