Hedge Funds Are Crazy About Freeport-McMoRan Inc. (FCX)

Now, key money managers have been driving this bullishness. Some other funds with brand new Freeport-McMoRan Inc. (NYSE:FCX) positions are Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital, Buckley Ratchford’s Wingspan Investment Management, and Remy Trafelet’s Trafelet Capital.

Let’s also examine hedge fund activity in other stocks similar to Freeport-McMoRan Inc. (NYSE:FCX). We will take a look at Kansas City Southern (NYSE:KSU), Foot Locker, Inc. (NYSE:FL), H&R Block, Inc. (NYSE:HRB), and CGI Group Inc. (USA) (NYSE:GIB). This group of stocks’ market values matches Freeport-McMoRan Inc. (NYSE:FCX)’s market value.

As you can see, these stocks had an average of 30 hedge funds with bullish positions and the average amount invested in these stocks was $827 million. That figure was $1.39 billion in Freeport-McMoRan Inc. (NYSE:FCX)’s case. H&R Block, Inc. (NYSE:HRB) is the most popular stock in this table. On the other hand, CGI Group Inc. (USA) (NYSE:GIB) is the least popular one with only 11 bullish hedge fund positions. Freeport-McMoRan Inc. (NYSE:FCX) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, H&R Block, Inc. (NYSE:HRB) might be a better candidate to consider a long position.