Nissay Asset Management Corp Japan raised its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 4.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,452 shares of the natural resource company’s stock after acquiring an additional 7,589 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Freeport-McMoRan were worth $12,103,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth $29,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $25,000. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan in the fourth quarter valued at $29,000. Finally, Financial Life Planners purchased a new position in Freeport-McMoRan in the first quarter valued at $34,000. Institutional investors and hedge funds 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: Recent performance data shows strong momentum, with FCX gaining significantly over the past month, quarter, and year. Zacks also identifies the stock as a strong momentum name, which may continue attracting trend-focused investors. Freeport McMoRan On Smelter Optimism And Whether The Stock Is Already Priced In Here’s Why Freeport-McMoRan Is a Strong Momentum Stock
- Positive Sentiment: Optimism surrounding Freeport-McMoRan’s smelter operations and favorable copper prices supports the company’s growth outlook. A new Erste Group Bank coverage initiation with a “buy” rating also adds positive analyst sentiment. Erste Group Bank coverage
- Positive Sentiment: FCX recently exceeded quarterly earnings and revenue expectations, reporting $0.74 in earnings per share versus a $0.62 consensus estimate and revenue of $7.03 billion versus $6.62 billion expected. Analysts broadly maintain a “Moderate Buy” view, although the average published price target is below the current trading range.
- Neutral Sentiment: Analysts comparing FCX with BHP Group point to strong copper prices, healthy finances, and ongoing growth projects at both miners. The comparison supports the sector outlook but does not provide a clear company-specific catalyst. FCX versus BHP
- Negative Sentiment: Valuation concerns are weighing on the stock after its copper-fueled rally. While a discounted-cash-flow analysis suggests potential upside, market-multiple measures indicate FCX may be expensive following its strong run. Freeport-McMoRan Stock May Be Pricey After Record Copper Rally
- Negative Sentiment: Executive Vice President Douglas Currault II sold 80,000 shares worth approximately $6.3 million, reducing his holdings by 27.5%. Although the sale may be personal or scheduled, it can reinforce profit-taking concerns when the stock is near record levels. Freeport-McMoRan Insider Selling
Insider Transactions at Freeport-McMoRan
Analysts Set New Price Targets
A number of analysts have weighed in on the company. HSBC raised their price target on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Barclays increased their price objective on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Monday, July 27th. 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 research report on Thursday, July 9th. Wells Fargo & Company boosted their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Finally, Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.
View Our Latest Report on Freeport-McMoRan
Freeport-McMoRan Price Performance
Shares of FCX opened at $76.54 on Friday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. The stock has a market cap of $109.91 billion, a PE ratio of 37.70, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. 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 firm has a fifty day moving average price of $65.46 and a 200 day moving average price of $64.02.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued 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. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the company posted $0.54 earnings per share. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is 14.78%.
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.
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