Freeport-McMoRan Inc. $FCX Stock Sold by Third View Private Wealth LLC

Third View Private Wealth LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 49.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,120 shares of the natural resource company’s stock after selling 8,919 shares during the quarter. Third View Private Wealth LLC’s holdings in Freeport-McMoRan were worth $638,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. State Street Corp boosted its holdings in shares of Freeport-McMoRan by 3.6% in the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after buying an additional 2,300,416 shares during the last quarter. Bank of America Corp DE increased its holdings in Freeport-McMoRan by 20.0% during the first 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 increased its holdings in Freeport-McMoRan by 13.8% during the second 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 increased its holdings in Freeport-McMoRan by 10.5% during the second 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 last quarter. Finally, Jupiter Topco LLC bought a new position in Freeport-McMoRan in the second quarter worth approximately $739,890,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Key Stories Impacting 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

Freeport-McMoRan Stock Performance

FCX opened at $62.63 on Thursday. The firm has a market cap of $89.94 billion, a P/E ratio of 26.31, a PEG ratio of 0.57 and a beta of 1.38. Freeport-McMoRan Inc. has a 1-year low of $38.54 and a 1-year high of $80.24. The company has a 50 day simple moving average of $70.65 and a two-hundred day simple moving average of $65.28. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.36 billion. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The company’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $0.50 EPS. Equities analysts forecast that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th were issued a dividend of $0.0750 per share. The ex-dividend date of this dividend was 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 (DPR) is currently 12.61%.

Insider Transactions at Freeport-McMoRan

In other news, EVP Douglas Currault, II sold 80,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lydia Kennard sold 3,798 shares of the company’s stock in a transaction dated 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 directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.73% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. Bank of America raised their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Stifel Nicolaus lifted their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Barclays boosted their price target on Freeport-McMoRan from $83.00 to $84.00 and gave the company an “overweight” rating in a report on Monday, October 19th. Finally, Citigroup boosted their price target on Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $75.30.

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.