Convergence Investment Partners LLC Acquires New Holdings in Freeport-McMoRan Inc. $FCX

Convergence Investment Partners LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 27,509 shares of the natural resource company’s stock, valued at approximately $1,617,000.

Other large investors have also recently bought and sold shares of the company. AlTi Global Inc. acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $282,000. Hollencrest Capital Management raised its stake in Freeport-McMoRan by 3.9% during the 1st quarter. Hollencrest Capital Management now owns 47,249 shares of the natural resource company’s stock worth $2,777,000 after buying an additional 1,766 shares during the period. Meeder Asset Management Inc. raised its stake in Freeport-McMoRan by 6.6% during the 1st quarter. Meeder Asset Management Inc. now owns 70,828 shares of the natural resource company’s stock worth $4,163,000 after buying an additional 4,410 shares during the period. Meeder Advisory Services Inc. lifted its holdings in Freeport-McMoRan by 17.5% during the first quarter. Meeder Advisory Services Inc. now owns 34,980 shares of the natural resource company’s stock worth $2,056,000 after acquiring an additional 5,222 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Freeport-McMoRan by 5.8% during the first quarter. Parallel Advisors LLC now owns 56,019 shares of the natural resource company’s stock worth $3,293,000 after acquiring an additional 3,051 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 6.4%

NYSE:FCX opened at $62.57 on Wednesday. The stock has a 50-day simple moving average of $63.69 and a 200 day simple moving average of $62.15. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a market cap of $89.94 billion, a PE ratio of 33.28, a PEG ratio of 0.59 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the business posted $0.24 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Freeport-McMoRan News Summary

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

• Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link
• Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link
• Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link
• Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link
• Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. Finally, UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.95.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.