Hedge Funds Aren’t Crazy About Freeport-McMoRan Inc. (FCX) Anymore

Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 750 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile failures like hedge funds’ 2018 losses in Facebook and Apple. Let’s take a closer look at what the funds we track think about Freeport-McMoRan Inc. (NYSE:FCX) in this article.

Is Freeport-McMoRan Inc. (NYSE:FCX) a buy here? Hedge funds are selling. The number of bullish hedge fund bets were cut by 9 lately. Our calculations also showed that FCX isn’t among the 30 most popular stocks among hedge funds (view the video below).

Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.

Today there are a multitude of signals stock market investors use to size up publicly traded companies. Some of the less known signals are hedge fund and insider trading signals. We have shown that, historically, those who follow the best picks of the top hedge fund managers can beat the market by a very impressive margin (see the details here).

Unlike some fund managers who are betting on Dow reaching 40000 in a year, our long-short investment strategy doesn’t rely on bull markets to deliver double digit returns. We only rely on hedge fund buy/sell signals. We’re going to go over the fresh hedge fund action regarding Freeport-McMoRan Inc. (NYSE:FCX).

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

At the end of the second quarter, a total of 33 of the hedge funds tracked by Insider Monkey were long this stock, a change of -21% from one quarter earlier. By comparison, 42 hedge funds held shares or

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