5 Copper Stocks to Buy Now as Recession Fears Recede

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

Number of Hedge Fund Holders: 68

Freeport-McMoRan Inc. (NYSE:FCX) is an Arizona-based company that is involved in the mining of mineral properties in North America, South America, and Indonesia. The company mines for copper, gold, molybdenum, silver, and other metals. On July 22, RBC Capital analyst Sam Crittenden maintained a Sector Perform rating on Freeport-McMoRan Inc. (NYSE:FCX) but lowered the price target on the shares to $35 from $46. The company posted a strong operating quarter yet again, though he also sees ongoing volatility in copper prices amid macro concerns over a future slowdown in demand fears in case of a recession, the analyst told investors. Freeport-McMoRan Inc. (NYSE:FCX) stock could respond rapidly when market sentiment improves, though the analyst’s slashed price target factors in reduced multiples.

Among the hedge funds tracked by Insider Monkey, 68 hedge funds were bullish on Freeport-McMoRan Inc. (NYSE:FCX) at the end of Q1 2022, up from 66 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 50.75 million shares worth $2.5 billion. 

Here is what Carillon Scout Mid Cap Fund has to say about Freeport-McMoRan Inc. (NYSE:FCX) in its Q1 2022 investor letter:

“Supply chains eased for some goods, but remained challenged for many commodities including energy, agriculture, and fertilizer due to war and general scarcity, and also in many consumer products as semiconductors remained in short supply. Copper and gold producer Freeport- McMoRan (NYSE:FCX) rose as copper prices remained strong due to supply shortages and growing use in renewable energy systems and electric vehicles.”