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Why Freeport-McMoRan Inc (FCX) is in the Spotlight

Freeport-McMoRan Inc (NYSE:FCXis in the spotlight after the company’s Indonesian division received a permit to export around 1.11 million tonnes of copper concentrate until February 16, 2018. Indonesia had previously halted Freeport’s exports of copper concentrate from the giant Grasberg mine in January due to the nation wanting to renegotiate contracts to benefit the country. Uncertainty over the Grasberg mine has hurt sentiment around Freeport-McMoRan Inc (NYSE:FCX), whose shares have arguably lagged behind some other potential ‘Trump infrastructure plays’.

Despite the good news, Freeport-McMoRan Inc (NYSE:FCX) are off by $0.27 per share, or 2.12%, in late morning trading most likely due to the lower crude oil and copper prices. Shares of the miner are off by around 7% year-to-date.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

Of the 742 elite funds we track, 43 funds owned $2.17 billion of Freeport-McMoRan Inc (NYSE:FCX) and accounted for 11.40% of the float on December 31, versus 36 funds and $1.55 billion respectively on September 30.

The Bottom Line

Despite its Indonesian operations receiving a permit to once again export copper concentrate for almost a year, Freeport-McMoRan Inc (NYSE:FCX) is lower due to softening oil and copper prices. For those of you interested, check out this interesting article about the countries that produce the most copper.

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