Truist Financial Corp Increases Stock Position in Freeport-McMoRan Inc. $FCX

Truist Financial Corp lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 188,591 shares of the natural resource company’s stock after acquiring an additional 19,667 shares during the period. Truist Financial Corp’s holdings in Freeport-McMoRan were worth $9,579,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC lifted its holdings in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. lifted its holdings in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the period. Finally, Jump Financial LLC lifted its holdings in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 29,654 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares in the company, valued at $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares of the company’s stock, valued at approximately $2,529,149.19. This represents a 21.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 565,145 shares of company stock valued at $35,839,918. Company insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FCX shares. CICC Research decreased their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Raymond James Financial decreased their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. BNP Paribas Exane decreased their price target on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Wells Fargo & Company reduced their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Finally, Scotiabank reduced their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.14.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Zacks Research lifted earnings estimates for multiple future periods, signaling a stronger profit outlook for Freeport-McMoRan.
• Positive Sentiment: Reports that the Grasberg mine may return to full production in 2028 support the longer-term copper production story for FCX.
• Neutral Sentiment: The stock’s recent six-month gain reflects stronger copper prices and earnings, but this move may already reflect much of the optimism. Article Title
• Negative Sentiment: Higher costs and softer production volumes could pressure near-term results and limit upside in FCX shares. Article Title

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $61.65 on Friday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $70.96. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The business has a fifty day moving average of $61.79 and a two-hundred day moving average of $54.79. The company has a market cap of $88.60 billion, a P/E ratio of 32.79, a price-to-earnings-growth ratio of 0.73 and a beta of 1.32.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the company earned $0.24 earnings per share. Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.