5 Mining Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management

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

Platinum Asset Management’s Stake Value: $53 million

Percentage of Platinum Asset Management’s 13F Portfolio: 1.49%

Number of Hedge Fund Holders: 66

Freeport-McMoRan Inc. (NYSE:FCX) is an American metals miner headquartered in Arizona. The company is involved in the production of gold, copper, silver, and other metals.

Platinum Asset Management held a $53 million stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter of last year via owning 1.2 million shares. Insider Monkey’s Q4 2021 survey of 924 hedge funds outlined that 66 had owned the company’s shares.

Freeport-McMoRan Inc. (NYSE:FCX) reported $6 billion in revenue and $0.96 in non-GAAP EPS for its fiscal Q4. This let it beat analyst EPS estimates only. Deutsche Bank raised the company’s price target to $50 from $42 in April 2022, sharing that an increase in copper prices will help the company.

Freeport-McMoRan Inc. (NYSE:FCX)’s largest investor is Ken Fisher’s Fisher Asset Management which owns 48 million shares worth $2 billion.

Horizon Kinetics LLC mentioned the company in its fourth quarter 2021 investor letter which outlined that:

Freeport-McMoRan will illustrate. It is the world’s third-largest copper producer, closely following Chile’s Codelco and Australia’s BHP Group. In 2014, even though Freeport sold more copper than the prior year, its revenues dropped by over 25%, and it went from $4.8 billion of operating earnings (a 22% margin) to a $(0.2) billion loss. The company’s capital expenditures peaked in 2014 at $3.86 billion and will be about $1.72 billion in 2021, meaning the company is spending 55% less now than it was seven years ago. In inflation-adjusted terms, it’s spending 61% less today than seven years ago…”