10,784 Freeport-McMoRan Inc. $FCX Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 216,669 shares of the natural resource company’s stock after purchasing an additional 10,784 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Freeport-McMoRan were worth $15,167,000 as of its most recent SEC filing.

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

Trending Headlines about Freeport-McMoRan

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

• Positive Sentiment: Barclays raised its price target on Freeport-McMoRan from $83 to $84 and maintained an “overweight” rating, implying substantial potential upside from the referenced price. Freeport-McMoRan price target raised by Barclays
• Positive Sentiment: Upcoming earnings expectations are supportive. Zacks says FCX has two factors associated with a potential earnings beat, while analysts expect earnings to grow in the upcoming report. A strong result could provide a near-term catalyst, although the report has not yet been released. Freeport-McMoRan earnings expected to grow
• Neutral Sentiment: Brokerage recommendations are favorable, but their reliability is questioned. FCX’s average brokerage recommendation suggests the stock may merit inclusion in a portfolio. However, the article cautions that Wall Street analysts can be overly optimistic, making the rating a less dependable standalone buy signal. Freeport-McMoRan brokerage recommendations
• Negative Sentiment: Sector-relative performance may be weighing on sentiment. A comparison of FCX with Steel Dynamics and the broader basic-materials sector examines whether the company has lagged this year, potentially signaling weaker relative momentum and helping explain the stock’s decline. Freeport-McMoRan basic materials sector comparison

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last ninety days. Company insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $68.93 on Wednesday. The stock has a market capitalization of $98.98 billion, a PE ratio of 33.95, a price-to-earnings-growth ratio of 0.66 and a beta of 1.39. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock’s 50 day simple moving average is $72.10 and its 200 day simple moving average is $66.83.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The business 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 company’s revenue was down 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

FCX has been the topic of several analyst reports. Bank of America boosted 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. Erste Group Bank began coverage on Freeport-McMoRan in a report on Thursday, August 27th. They set a “buy” rating for the company. Barclays lifted their price target on Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings upgraded shares of Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Sanford C. Bernstein dropped their price target on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $76.27.

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.