Freeport-McMoRan (NYSE:FCX) Hits New 52-Week High – Time to Buy?

Shares of Freeport-McMoRan Inc. (NYSE:FCX) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $80.24 and last traded at $79.05, with a volume of 18321404 shares changing hands. The stock had previously closed at $79.91.

Key Freeport-McMoRan News

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

Analyst Upgrades and Downgrades

FCX has been the topic of several recent research reports. Stifel Nicolaus upped their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Sanford C. Bernstein boosted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Jefferies Financial Group raised their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, Wells Fargo & Company raised their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Price Performance

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 company has a market capitalization of $109.91 billion, a PE ratio of 37.70, a PEG ratio of 0.78 and a beta of 1.37. The firm has a 50-day moving average of $65.46 and a 200 day moving average of $64.02.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 EPS. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan 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 sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in Freeport-McMoRan during the fourth quarter valued at $25,000. NBH Bank bought a new position in Freeport-McMoRan in the second quarter valued at about $28,000. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in Freeport-McMoRan in the first quarter worth about $29,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. 80.77% of the stock is owned by institutional investors.

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.