Freeport-McMoRan Inc (FCX) Shares Rally As Copper Producer Announces Correctional Measures

Page 2 of 2

What does the smart money think about Freeport-McMoRan Inc (NYSE:FCX)?

Among the hedge funds that we track at Insider Monkey, Stanley Druckenmiller’s Duquesne Capital held the largest position in Freeport-McMoRan Inc (NYSE:FCX) at the end of the second quarter. The investment firm initiated a new position in the company, involving 3.55 million shares witha  market value of $66.05 million. GAMCO Investors, led by Mario Gabelli, was another major shareholder of the company, with 2.73 million shares valued at $50.87 million. Citadel Investment Group and Laurion Capital Management were other major stakeholders of the mineral company, owning 2.73 million shares and 2.02 million shares, respectively.

Tide Point Capital, led by Christopher A. Winham, was another investment firm to start a new position in Freeport-McMoRan Inc (NYSE:FCX), holding 800,000 shares valued at $14.90 million at the end of the quarter. Litespeed Management and Balyasny Asset Management were among the hedge funds selling their stakes in the company during the second quarter.

Considering the positive hedge fund sentiment and correctional measures put in place, Freeport-McMoRan Inc (NYSE:FCX) exhibits signs of improvement for the future. We would recommend investors initiate long positions in the stock during its current weakness.

Disclosure: None

Page 2 of 2