Third View Private Wealth LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 49.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,120 shares of the natural resource company’s stock after selling 8,919 shares during the period. Third View Private Wealth LLC’s holdings in Freeport-McMoRan were worth $638,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. State Street Corp boosted its holdings in shares of 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 valued at $4,181,268,000 after purchasing an additional 2,300,416 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after purchasing an additional 7,044,775 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock worth $938,197,000 after purchasing an additional 1,810,698 shares during the last quarter. Amundi increased its holdings in shares of Freeport-McMoRan by 10.5% in the second quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock worth $743,353,000 after purchasing an additional 1,125,982 shares during the last quarter. Finally, Jupiter Topco LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth about $739,890,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Trending Headlines about Freeport-McMoRan
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Freeport expects 2027 copper sales volumes to grow more than 20%. It also reported that new leaching additives achieved lab recoveries more than four times initial results, offering a potential boost to production efficiency. Article: Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
- Positive Sentiment: The board approved a $4.5 billion expansion and modernization program at the Bagdad operation in Arizona, aimed at increasing copper and molybdenum production. This could support longer-term U.S. output growth. Article: Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
- Positive Sentiment: An analyst commentary said the Grasberg recovery remains on schedule and cited solid mine cash flows; it also expects delayed Indonesian gold sales to reverse in the fourth quarter. These factors support the recovery outlook, though the commentary noted reduced copper sales and higher capital spending. Article: Freeport-McMoRan: Grasberg Remains On Schedule, And I Remain At Buy
- Neutral Sentiment: A Zacks analysis described FCX as technically oversold after a 14.9% decline over four weeks, while noting analysts’ earnings estimate revisions have been upward. That may indicate selling pressure is easing, but does not ensure a near-term rebound. Article: Down 14.9% in 4 Weeks, Here’s Why You Should You Buy the Dip in Freeport-McMoRan
- Negative Sentiment: The $4.5 billion Bagdad project entails significant upfront capital spending, which could weigh on cash flow as Freeport pursues future production growth.
- Negative Sentiment: Freedom Broker lowered its expectations for FCX’s stock price, a counterpoint to the more constructive analyst outlook. Article: Freedom Broker Has Lowered Expectations for Freeport-McMoRan Stock Price
Insider Activity at Freeport-McMoRan
In other news, Director Lydia Kennard sold 3,798 shares of Freeport-McMoRan 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 transaction, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Douglas Currault, II sold 80,000 shares of the business’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 directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is owned by company insiders.
Freeport-McMoRan Stock Performance
Freeport-McMoRan stock opened at $62.63 on Thursday. The company’s 50-day moving average price is $70.65 and its 200-day moving average price is $65.28. Freeport-McMoRan Inc. has a twelve month low of $38.54 and a twelve month high of $80.24. The company has a quick ratio of 0.91, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. The company has a market cap of $89.94 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 0.57 and a beta of 1.38.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The firm had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.36 billion. During the same quarter last year, the firm earned $0.50 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 3.04 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were paid a $0.0750 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 12.61%.
Wall Street Analyst Weigh In
FCX has been the subject of a number of research reports. Citigroup increased their price target on Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Royal Bank Of Canada upped their price objective on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. Finally, Freedom Broker lowered their target price on Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating for the company in a research report on Monday. One 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’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $75.30.
Read Our Latest Analysis on FCX
Freeport-McMoRan 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.
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