Douglas Currault II Sells 80,000 Shares of Freeport-McMoRan (NYSE:FCX) Stock

Freeport-McMoRan Inc. (NYSE:FCX) EVP Douglas Currault II sold 80,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This represents a 27.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Freeport-McMoRan Price Performance

FCX opened at $78.67 on Friday. The firm has a 50-day moving average price of $65.30 and a 200-day moving average price of $63.93. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $80.24. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $112.98 billion, a price-to-earnings ratio of 38.76, a PEG ratio of 0.78 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Erste Group Bank assumed coverage on Freeport-McMoRan in a research note on Thursday. They issued a “buy” rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, Sanford C. Bernstein increased their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. 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 stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan News Summary

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

• Positive Sentiment: Erste Group Bank initiates coverage with a Buy rating. The new bullish recommendation adds positive analyst attention and suggests the bank expects additional upside for Freeport-McMoRan. The shares were recently quoted at $78.67. Freeport-McMoRan stock information
• Positive Sentiment: Favorable copper prices and growth investments remain key supports. A comparison with BHP Group highlights that both mining companies are benefiting from strong copper pricing and using solid balance sheets to advance expansion projects. This supports Freeport-McMoRan’s longer-term production and earnings outlook. FCX vs. BHP copper mining comparison
• Neutral Sentiment: Recent operating results provide a positive fundamental backdrop, but growth is uneven. Freeport-McMoRan’s latest reported quarter exceeded earnings and revenue expectations, although revenue declined year over year. Institutional investors own approximately 80.8% of the shares, indicating substantial professional-investor involvement.
• Negative Sentiment: An executive sold $6.28 million of stock. EVP Douglas Currault II sold 80,000 shares at an average price of $78.56, reducing his direct holdings by 27.5%. While the sale does not necessarily indicate a change in business outlook, it can weigh on sentiment because it represents a sizable insider transaction. Freeport-McMoRan insider sale
• Negative Sentiment: Valuation and expectations may constrain upside. FCX trades at roughly 39 times earnings, while the previously reported analyst consensus price target of $70.27 is below the recent market price. That gap could encourage profit-taking despite the new Buy rating and favorable copper outlook.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently made changes to their positions in the business. NBH Bank bought a new position in Freeport-McMoRan in the 2nd quarter worth about $28,000. Steph & Co. boosted its position in shares of 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 acquiring an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the first quarter worth about $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $25,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.