Freeport-McMoRan Inc. $FCX Shares Purchased by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 266,075 shares of the natural resource company’s stock after purchasing an additional 16,345 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $18,625,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NBH Bank acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $28,000. Steph & Co. grew 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 during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $29,000. SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $30,000. Finally, Financial Life Planners bought a new stake in Freeport-McMoRan in the first quarter valued at about $34,000. Institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ellie L. 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 value of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. This represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Down 0.0%

FCX opened at $68.85 on Thursday. The stock has a market capitalization of $98.87 billion, a P/E ratio of 33.91, a P/E/G ratio of 0.64 and a beta of 1.39. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12 month low of $38.54 and a 12 month high of $80.24. The firm’s fifty day simple moving average is $72.09 and its 200 day simple moving average is $66.89.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.95 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: Barclays raises target to $84: Barclays increased its price target for Freeport-McMoRan, signaling greater confidence in the copper producer’s valuation and upside potential. A separate report said the analyst expects FCX shares to rise. Barclays raises target to USD 84.00 Freeport-McMoRan Stock Price Expected to Rise
• Positive Sentiment: Potential earnings beat: Analysts expect FCX’s upcoming earnings report to show growth, with Zacks citing a combination of factors that could support a beat. The company is also expected to announce results shortly, making earnings expectations a likely near-term trading catalyst. Freeport-McMoRan Earnings Expected to Grow Freeport-McMoRan Expected to Announce Earnings
• Neutral Sentiment: Copper versus rare-earth comparison: An investment comparison with MP Materials highlights FCX as a way to gain exposure to copper, a metal central to electricity-grid investment, rather than the higher-growth rare-earth market. The article does not identify a specific new catalyst for FCX. Rare Earths vs. Copper
• Negative Sentiment: Recent market underperformance: FCX declined during the latest reported session even as the broader market gained, indicating continued pressure on the shares despite favorable analyst commentary. Reports also question whether broker recommendations are overly optimistic and compare FCX’s performance with the basic-materials sector. Freeport-McMoRan Stock Sinks As Market Gains Freeport-McMoRan Considered a Good Investment

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FCX shares. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. The Goldman Sachs Group restated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. Freedom Broker lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Citigroup increased their price target on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan Company Profile

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.