Freeport-McMoRan Inc. $FCX Stock Position Raised by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 266,075 shares of the natural resource company’s stock after purchasing an additional 16,345 shares during the period. Nisa Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $18,625,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NBH Bank acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $28,000. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $29,000. Financial Life Planners acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $34,000. Finally, Roxbury Financial LLC boosted its holdings in shares of Freeport-McMoRan by 196.5% in the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 393 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX stock opened at $68.85 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The company has a 50 day moving average price of $72.09 and a 200 day moving average price of $66.89. Freeport-McMoRan Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. The stock has a market capitalization of $98.87 billion, a PE ratio of 33.91, a price-to-earnings-growth ratio of 0.64 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 2.95 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Insider Transactions at Freeport-McMoRan

In other news, Director Lydia Kennard sold 3,798 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the transaction, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FCX. Sanford C. Bernstein decreased their price target on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 9th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada boosted their price objective on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 16th. Finally, Freedom Broker lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan News Roundup

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

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.