5 Best EV Materials Stocks to Buy

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

Number of Hedge Fund Holders: 68  

Freeport-McMoRan Inc. (NYSE: FCX) is an Arizona-based mining company. It is placed second on our list of 10 best EV materials stocks to buy. One of the premier products of the firm is the metal copper, which is used extensively in the manufacture of electric vehicles. The firm was founded in 1987 and has a market cap of over $54 billion. In earnings results for the second quarter, posted on July 22, the firm reported earnings per share of $0.77, beating market predictions by $0.02. 

On July 23, investment advisory Deutsche Bank reiterated a Buy rating on Freeport-McMoRan Inc. (NYSE: FCX) stock but lowered the price target to $47 from $50, noting that the firm would increase investments in growth projects. 

At the end of the first quarter of 2021, 68 hedge funds in the database of Insider Monkey held stakes worth $3.2 billion in Freeport-McMoRan Inc. (NYSE: FCX), down from 71 in the preceding quarter worth $2.6 billion.