As industrywide interest jumped, key money managers were leading the bulls’ herd. Capital Growth Management, managed by Ken Heebner, established the biggest position in Freeport-McMoRan Inc (NYSE:FCX). Capital Growth Management had $20.1 million invested in the company at the end of the quarter. Christopher A. Winham’s Tide Point Capital also initiated a $19.5 million position during the quarter. The following funds were also among the new FCX investors: David Costen Haley’s HBK Investments, Citadel Investment Group, and Mike Masters’ Masters Capital Management.
Let’s also examine hedge fund activity in other stocks similar to Freeport-McMoRan Inc (NYSE:FCX). We will take a look at Check Point Software Technologies Ltd. (NASDAQ:CHKP), W.W. Grainger, Inc. (NYSE:GWW), Loews Corporation (NYSE:L), and Magna International Inc. (USA) (NYSE:MGA). This group of stocks’ market caps are closest to FCX’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CHKP | 35 | 1013225 | 4 |
| GWW | 17 | 186511 | -2 |
| L | 21 | 319227 | -2 |
| MGA | 27 | 435061 | -2 |
As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $489 million. That figure was $1.55 billion in FCX’s case. Check Point Software Technologies Ltd. (NASDAQ:CHKP) is the most popular stock in this table. On the other hand W.W. Grainger, Inc. (NYSE:GWW) is the least popular one with only 17 bullish hedge fund positions. Compared to these stocks Freeport-McMoRan Inc (NYSE:FCX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
Disclosure: None
