Freeport-McMoRan Inc (FCX) Up On Equity Offer Filing

How have ‘hedgies’ been trading Freeport-McMoRan Inc (NYSE:FCX)?

Hedge funds are bearish on Freeport-McMoRan Inc (NYSE:FCX) as our data show. During the first quarter, 18 funds exited their positions, and another 31 investors disclosed holding $258 million worth of stock, down by 58.04% on the quarter. The decline of the aggregate value of holdings can be partly explained by a 17.04% fall of the stock’s price, but there was still a massive outflow of capital from the company. Moreover, just 1.31% of all outstanding shares of the firm were held by the hedge funds from our database at the end of March.

Mario Gabelli’s GAMCO Investors owned the largest stake in Freeport-McMoRan Inc (NYSE:FCX) by March 31 and further increased the holding to 2.73 million shares during the following three months. On the other hand, John Overdeck and David Siegel’s Two Sigma Advisors sold a significant stake in Freeport-McMoRan during the first quarter, divesting 1.19 million shares. Meanwhile, Phill Gross and Robert Atchinson of Adage Capital Management also dumped about 1.15 million shares.

Despite today’s healthy gain, the negative sentiment of hedge funds and low commodity prices make us not recommend Freeport-McMoRan Inc (NYSE:FCX) as a stock to buy.

Disclosure: None