Freeport-McMoRan Inc (FCX) is Carl Icahn’s Latest Target as It Embarks on Reducing Costs

Moreover, according to Jeffries analyst Christopher LaFemina, Freeport-McMoRan Inc (NYSE:FCX)’s stock is worth at least $14 per share based on sum-of-the parts valuation. He further pointed out in a note that if the current measures prove insufficient, the company still has the option to sell assets like Cerro Verde, El Abra and Morenci mines.

Aside from the positive news that have been surrounding Freeport lately, the company also saw a significant increase in popularity as of late. Among over 700 hedge funds that we track, 41 held long positions in the company  with an aggregate value of $581.83 million at the end of the June quarter as compared to 31 firms holding $258.10 million worth of stock at the end of the previous quarter. Among these funds, Stanley Druckenmiller‘s Duquesne Capital is the largest shareholder of Freeport-McMoRan Inc (NYSE:FCX), as it initiated a position with 3.55 million shares during the second quarter. It is followed by Mario Gabelli‘s GAMCO Investors, which hiked its holding in the company by 13% during the second quarter to 2.73 million shares valued at $50.87 million.

Disclosure: None