Convergence Investment Partners LLC Invests $1.62 Million in Freeport-McMoRan Inc. $FCX

Convergence Investment Partners LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, HoldingsChannel reports. The firm purchased 27,509 shares of the natural resource company’s stock, valued at approximately $1,617,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the 4th quarter valued at $25,000. Steph & Co. increased its holdings in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $29,000. SHP Wealth Management bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $30,000. Finally, JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter worth about $33,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 6.4%

Shares of Freeport-McMoRan stock opened at $62.57 on Wednesday. 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 firm has a 50-day moving average of $63.69 and a 200-day moving average of $62.15. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The stock has a market cap of $89.94 billion, a PE ratio of 33.28, a PEG ratio of 0.59 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the firm earned $0.24 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Key Stories Impacting Freeport-McMoRan

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

• Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link
• Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link
• Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link
• Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link
• Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Sanford C. Bernstein lifted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Wells Fargo & Company lowered their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. HSBC raised their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. UBS Group boosted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Finally, Morgan Stanley upped their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.95.

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.