Summit Global Investments Sells 30,874 Shares of Freeport-McMoRan Inc. $FCX

Summit Global Investments lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 58.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,164 shares of the natural resource company’s stock after selling 30,874 shares during the quarter. Summit Global Investments’ holdings in Freeport-McMoRan were worth $1,303,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $29,000. Rice Partnership LLC raised its holdings in shares of Freeport-McMoRan by 29.6% in the 1st quarter. Rice Partnership LLC now owns 41,820 shares of the natural resource company’s stock worth $2,458,000 after acquiring an additional 9,561 shares during the last quarter. Convergence Investment Partners LLC bought a new position in Freeport-McMoRan in the 1st quarter valued at about $1,617,000. AlTi Global Inc. acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $282,000. Finally, Hollencrest Capital Management boosted its stake in Freeport-McMoRan by 3.9% during the 1st quarter. Hollencrest Capital Management now owns 47,249 shares of the natural resource company’s stock valued at $2,777,000 after purchasing an additional 1,766 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on FCX shares. Scotiabank boosted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. CICC Research cut their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Morgan Stanley upped their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. The Goldman Sachs Group lowered their price target on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $68.95.

Freeport-McMoRan Stock Up 6.4%

FCX stock opened at $62.57 on Wednesday. The stock has a market cap of $89.94 billion, a P/E ratio of 33.28, a P/E/G ratio of 0.59 and a beta of 1.37. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $63.69 and its two-hundred day simple moving average is $62.15. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

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

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan News Roundup

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

Freeport-McMoRan Profile

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.