Rakuten Investment Management Inc. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 9.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 257,849 shares of the natural resource company’s stock after buying an additional 22,741 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Freeport-McMoRan were worth $18,253,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. AIA Group Ltd grew its stake in shares of Freeport-McMoRan by 44.1% during the third quarter. AIA Group Ltd now owns 112,324 shares of the natural resource company’s stock worth $7,863,000 after purchasing an additional 34,364 shares during the period. Provenance Wealth Advisors LLC grew its holdings in Freeport-McMoRan by 2,116.3% during the third quarter. Provenance Wealth Advisors LLC now owns 17,797 shares of the natural resource company’s stock valued at $1,246,000 after purchasing an additional 16,994 shares during the period. Lyell Wealth Management LP raised its holdings in Freeport-McMoRan by 10.7% in the third quarter. Lyell Wealth Management LP now owns 182,506 shares of the natural resource company’s stock worth $12,775,000 after purchasing an additional 17,708 shares during the period. Putney Financial Group LLC boosted its position in shares of Freeport-McMoRan by 1.9% during the third quarter. Putney Financial Group LLC now owns 12,047 shares of the natural resource company’s stock worth $843,000 after purchasing an additional 219 shares in the last quarter. Finally, Integrity Alliance LLC. raised its stake in Freeport-McMoRan by 8.7% during the 3rd quarter. Integrity Alliance LLC. now owns 19,635 shares of the natural resource company’s stock worth $1,374,000 after buying an additional 1,573 shares during the period. 80.77% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Freeport-McMoRan news, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Douglas N. Currault II sold 80,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.73% of the stock is owned by company insiders.
Freeport-McMoRan Stock Up 1.4%
FCX stock opened at $62.63 on Thursday. The business’s fifty day moving average price is $70.65 and its two-hundred day moving average price is $65.28. The stock has a market capitalization of $89.94 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 0.57 and a beta of 1.38. Freeport-McMoRan Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.36 billion. During the same period in the prior year, the company posted $0.50 earnings per share. Freeport-McMoRan’s revenue was up 8.2% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were issued a dividend of $0.0750 per share. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 12.61%.
Freeport-McMoRan News Summary
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Freeport expects 2027 copper sales volumes to grow more than 20%. It also reported that new leaching additives achieved lab recoveries more than four times initial results, offering a potential boost to production efficiency. Article: Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
- Positive Sentiment: The board approved a $4.5 billion expansion and modernization program at the Bagdad operation in Arizona, aimed at increasing copper and molybdenum production. This could support longer-term U.S. output growth. Article: Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
- Positive Sentiment: An analyst commentary said the Grasberg recovery remains on schedule and cited solid mine cash flows; it also expects delayed Indonesian gold sales to reverse in the fourth quarter. These factors support the recovery outlook, though the commentary noted reduced copper sales and higher capital spending. Article: Freeport-McMoRan: Grasberg Remains On Schedule, And I Remain At Buy
- Neutral Sentiment: A Zacks analysis described FCX as technically oversold after a 14.9% decline over four weeks, while noting analysts’ earnings estimate revisions have been upward. That may indicate selling pressure is easing, but does not ensure a near-term rebound. Article: Down 14.9% in 4 Weeks, Here’s Why You Should You Buy the Dip in Freeport-McMoRan
- Negative Sentiment: The $4.5 billion Bagdad project entails significant upfront capital spending, which could weigh on cash flow as Freeport pursues future production growth.
- Negative Sentiment: Freedom Broker lowered its expectations for FCX’s stock price, a counterpoint to the more constructive analyst outlook. Article: Freedom Broker Has Lowered Expectations for Freeport-McMoRan Stock Price
Analyst Ratings Changes
Several equities analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 7th. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $80.00 to $78.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 28th. Sanford C. Bernstein decreased their target price on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a research report on Wednesday, September 9th. Finally, JPMorgan Chase & Co. decreased their price target on Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $75.30.
Get Our Latest Analysis on Freeport-McMoRan
About Freeport-McMoRan
Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.
Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.
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