Leo Wealth LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Leo Wealth LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,177 shares of the natural resource company’s stock, valued at approximately $642,000.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in Freeport-McMoRan by 3.6% during the 2nd quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after purchasing an additional 2,300,416 shares during the period. Bank of America Corp DE raised its stake in shares of Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after buying an additional 7,044,775 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Freeport-McMoRan by 13.8% during the 2nd quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock valued at $938,197,000 after buying an additional 1,810,698 shares during the last quarter. Amundi lifted its holdings in shares of Freeport-McMoRan by 10.5% in the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock valued at $743,353,000 after buying an additional 1,125,982 shares during the period. Finally, Jupiter Topco LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $739,890,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan News Roundup

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

• Positive Sentiment: Q3 earnings and revenue exceeded expectations. Freeport-McMoRan reported adjusted earnings of $0.88 per share, above the $0.82 consensus estimate, while revenue increased 8.2% year over year to $7.55 billion, surpassing the $7.36 billion forecast. Net income rose to approximately $1.2 billion from $674 million a year earlier. Freeport-McMoRan Q3 Net Income Rises to $1.2 Billion From $674 Million
• Positive Sentiment: Higher copper and molybdenum prices drove the beat. Copper prices were reported to be roughly 40% above year-ago levels, helping offset weaker sales volumes and supporting revenue, margins and profitability. FCX Q3 Earnings Beat Estimates on Strong Copper Pricing
• Positive Sentiment: Grasberg recovery and copper-supply concerns provide longer-term support. Management discussed continued recovery efforts at Indonesia’s Grasberg operation, while the chairman warned that global demand will require significantly more copper amid tight future supplies. Freeport tops profit estimates on copper rally as Grasberg recovery continues
• Neutral Sentiment: Analyst sentiment improved. Freeport-McMoRan’s consensus price target was reportedly raised by 10.53%, reflecting increased confidence following the earnings beat, though commodity-price assumptions remain influential. Freeport-McMoRan consensus price target raised
• Negative Sentiment: Operational headwinds temper the positive reaction. Production and sales volumes declined at Indonesian operations, costs increased, and gold sales fell sharply. These issues could pressure margins if copper prices retreat or the Grasberg recovery takes longer than expected. Freeport-McMoRan rises after Q3 earnings topper despite lower production and rising costs

Insiders Place Their Bets

In other news, Director Lydia H. Kennard sold 3,798 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on FCX shares. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $77.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. UBS Group lifted their price target on Freeport-McMoRan from $77.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, October 8th. BMO Capital Markets boosted their price target on Freeport-McMoRan from $78.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, September 29th. Erste Group Bank began coverage on Freeport-McMoRan in a report on Thursday, August 27th. They issued a “buy” rating for the company. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan Stock Performance

FCX opened at $65.92 on Wednesday. The company has a fifty day moving average of $71.82 and a two-hundred day moving average of $65.11. The stock has a market capitalization of $94.66 billion, a price-to-earnings ratio of 32.47 and a beta of 1.39. Freeport-McMoRan Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $80.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. The firm had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.36 billion. During the same period in the previous year, the company earned $0.50 earnings per share. The company’s revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 3.05 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be issued a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

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.