5 Best Performing Stocks in November

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

Number of Hedge Fund Holders: 57

Gain in Share Price in November: 26%

Freeport-McMoRan Inc. (NYSE:FCX) engages in the mining of mineral properties in North America, South America, and Indonesia. On December 6, S&P Global Market Intelligence reported that Freeport-McMoRan’s shares rose by 26% in November because the price of copper over the month of November rose from around $3.39 per pound to about $3.78 per pound at the end of the month.

On November 23, Deutsche Bank analyst Abhi Agarwal maintained a Hold rating on Freeport-McMoRan Inc. (NYSE:FCX) stock and raised the price target to $35 from $30, noting that the company’s production growth has ground to a halt over the past three years and when global demand turns back up, the market will again be faced with low inventories, inelastic supply and incentive level prices.

Among the hedge funds being tracked by Insider Monkey, Washington-based firm Fisher Asset Management is a leading shareholder in Freeport-McMoRan Inc. (NYSE:FCX) with 53.2 million shares worth more than $1.4 billion. 

In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Freeport-McMoRan Inc. (NYSE:FCX) was one of them. Here is what the fund said:

“Seeing better opportunities elsewhere in the materials sector, we exited our position in Ecolab and added to copper producer Freeport-McMoRan Inc. (NYSE:FCX), which supplies a much-needed resource for the energy transition, and speciality chemical company Linde (LIN), which has historically held onto pricing gains it has achieved following increases in energy costs. We think this pricing power should protect profitability during the acute inflationary phase and potentially lead to margin expansion when cost pressures abate. We think this pricing power should protect profitability during the acute inflationary phase and potentially lead to margin expansion when cost pressures abate.”