5 Most Undervalued Stocks to Buy Now

In this article, we will discuss the 5 most undervalued stocks to buy now. If you want to explore similar stocks, you can also read 10 Most Undervalued Stocks to Buy Now.

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

PE Ratio as of November 4: 13.45

Number of Hedge Fund Holders: 56

Freeport-McMoRan Inc. (NYSE:FCX) is an American mining company and one of the largest producers of molybdenum in the world. On October 5, Deutsche Bank analyst Abhi Agarwal revised his price target on Freeport-McMoRan Inc. (NYSE:FCX) to $30 from $35 and reiterated a Hold rating on the shares.

On October 20, Freeport-McMoRan Inc. (NYSE:FCX) announced earnings for the fiscal third quarter of 2022. The company generated a revenue of $5 billion and outperformed estimates by $81.79 million. The company reported an EPS of $0.26 and beat expectations by $0.01.

Shares of Freeport-McMoRan Inc. (NYSE:FCX) have pulled back in 2022 and are now presenting an attractive buying opportunity for investors. As of November 4, the stock is trading at a PE multiple of 13x and is offering a forward dividend yield of 1.93%.

At the close of Q2 2022, 56 hedge funds disclosed ownership of stakes in Freeport-McMoRan Inc. (NYSE:FCX). The total stakes of these hedge funds amounted to $2.47 billion. As of June 30, Fisher Asset Management is the largest shareholder in Freeport-McMoRan Inc. (NYSE:FCX) and has a position valued at $1.52 billion.

Here is what Carillon Tower Advisers had to say about Freeport-McMoRan Inc. (NYSE:FCX) in its second-quarter 2022 investor letter:

“Mining company Freeport-McMoRan Inc. (NYSE:FCX) fell with the price of copper as emerging market credit and rate hike jitters weighed on metal prices. Copper is projected to be in very short supply into the end of the decade due to a scarcity of new mines being developed and the increasing use of renewable energy, but economic recession fears, a slowdown in construction in China, and a slowing housing market in the United States dented the stock price.”