Here’s Why Freeport-McMoRan (FCX) Stock Price Dented in the Second Quarter

Carillon Tower Advisers, an investment management company, released its “Carillon Scout Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, majority of the equity indexes declined due to interest rate hikes, Russia-Ukraine war, and Federal Reserve’s balance-sheet tapering. Mid-cap and small-cap stocks poorly performed in the quarter relative to other investments. The fund’s portfolio was most overweight in the utilities and consumer staples sectors and is currently underweight in the information technology sector. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers discussed stocks like Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter 2022 investor letter. Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX) is a mining company. On October 5, 2022, Freeport-McMoRan Inc. (NYSE:FCX) stock closed at $30.51 per share. One-month return of Freeport-McMoRan Inc. (NYSE:FCX) was -0.36% and its shares lost 11.10% of their value over the last 52 weeks. Freeport-McMoRan Inc. (NYSE:FCX) has a market capitalization of $43.607 billion.

Here is what Carillon Tower Advisers specifically said about Freeport-McMoRan Inc. (NYSE:FCX) in its Q2 2022 investor letter:

“Mining company Freeport-McMoRan Inc. (NYSE:FCX) fell with the price of copper as emerging market credit and rate hike jitters weighed on metal prices. Copper is projected to be in very short supply into the end of the decade due to a scarcity of new mines being developed and the increasing use of renewable energy, but economic recession fears, a slowdown in construction in China, and a slowing housing market in the United States dented the stock price.”

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Freeport-McMoRan Inc. (NYSE:FCX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Freeport-McMoRan Inc. (NYSE:FCX) at the end of the second quarter which was 68 in the previous quarter.

We discussed Freeport-McMoRan Inc. (NYSE:FCX) in another article and shared the best commodity stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.