5 Stocks Under $50 Billionaires Are Loading Up On

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

Number of Billionaire Holders: 18

Freeport-McMoRan Inc. (NYSE:FCX), is a leading international mining company based in Phoenix, Arizona. It operates mining operations focused on copper, gold, and molybdenum. Its portfolio of assets includes Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and mining operations in North America and South America including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

Freeport-McMoRan Inc. (NYSE:FCX) sold 832 million pounds of copper, 270 thousand ounces of gold, and 19 million pounds of molybdenum during Q1 2023. The company expects a significant uptick in the sales in the upcoming quarter with copper guidance set at 1.1 billion pounds, gold at 500 thousand ounces, and molybdenum at 20 million pounds.

On April 23, Raymond James lowered the price target on Freeport-McMoRan Inc. (NYSE:FCX) shares to $47 and maintained an ‘Outperform’ rating on the shares.

The only mining company on our list of 10 stocks under $50 billionaires are loading up on, Freeport-McMoRan Inc. (NYSE:FCX) shares were held by 77 hedge funds as of Q1 2023. Ken Fisher’s Fisher Asset Management was the largest hedge fund shareholder with ownership of 54 million shares valued at $2.2 billion.