Freeport-McMoRan (NYSE:FCX) Shares Down 3.8% – Here’s Why

Freeport-McMoRan Inc. (NYSE:FCX) dropped 3.8% during trading on Wednesday. The company traded as low as $68.68 and last traded at $69.6460. Approximately 12,415,952 shares traded hands during trading, a decline of 23% from the average daily volume of 16,157,108 shares. The stock had previously closed at $72.42.

Key Freeport-McMoRan News

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

• Positive Sentiment: Scotiabank raised its earnings forecasts. The bank increased its FY2026 EPS estimate to $3.35 from $3.06 and its FY2027 estimate to $2.86 from $2.62. The FY2026 projection is also well above the current consensus estimate of $2.87, suggesting analysts see improving earnings potential for the copper and gold producer.
• Positive Sentiment: Erste Group Bank also lifted its forecasts and maintained a Buy rating. Erste raised its FY2026 EPS estimate to $3.10 from $3.05 and its FY2027 estimate to $4.32 from $4.00. These revisions reinforce the view that commodity prices, production, or operating performance could support stronger future results.
• Positive Sentiment: FCX is scheduled to pay a quarterly dividend of $0.07 on November 2. The payout provides modest shareholder income and signals continued capital returns, although the dividend is unlikely to be a major stock-price catalyst. Freeport-McMoRan Inc. to Issue Quarterly Dividend
• Neutral Sentiment: After-hours trading information offered no significant new fundamental development. A report noted FCX trading at approximately €64.55 after hours, but the item did not identify a company announcement or change to the investment outlook. Freeport-McMoRan stock after-hours
• Negative Sentiment: Technical analysts warned that FCX’s rally looks tired and consolidation may follow. This suggests near-term upside could be constrained after the stock’s strong advance, even as longer-term earnings expectations improve. Freeport-McMoRan: Rally Looks Tired

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FCX shares. Citigroup raised their target price on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. BNP Paribas Exane boosted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Sanford C. Bernstein dropped their price target 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. Morgan Stanley increased their price target on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 7th. Finally, UBS Group increased their price target on shares of Freeport-McMoRan from $77.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.22.

Freeport-McMoRan Price Performance

The company has a market capitalization of $100.01 billion, a price-to-earnings ratio of 34.31, a price-to-earnings-growth ratio of 0.70 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The company has a 50 day simple moving average of $72.08 and a 200 day simple moving average of $66.41.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The company’s revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.87 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is 14.78%.

Insider Buying and Selling at Freeport-McMoRan

In related news, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Ellie Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds have recently made changes to their positions in FCX. NBH Bank purchased a new position in Freeport-McMoRan in the second quarter valued at about $28,000. Steph & Co. lifted its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Finally, Financial Life Planners acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.