Freeport-McMoRan Inc. $FCX Stock Position Raised by Hosking Partners LLP

Hosking Partners LLP raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,581,426 shares of the natural resource company’s stock after purchasing an additional 54,166 shares during the quarter. Freeport-McMoRan accounts for about 2.7% of Hosking Partners LLP’s holdings, making the stock its 9th biggest position. Hosking Partners LLP’s holdings in Freeport-McMoRan were worth $80,321,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in shares of Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 205.0% during the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after acquiring an additional 2,813,845 shares in the last quarter. Amundi boosted its stake in shares of Freeport-McMoRan by 43.7% during the 3rd quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock worth $282,991,000 after acquiring an additional 2,132,708 shares in the last quarter. Kirkoswald Asset Management LLC purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $82,754,200,000. Finally, Schroder Investment Management Group boosted its stake in shares of Freeport-McMoRan by 87.6% during the 3rd quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company’s stock worth $152,749,000 after acquiring an additional 1,921,792 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several research reports. HSBC lifted their price objective on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Morgan Stanley restated an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. CICC Research cut their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.14.

Insider Activity

In related news, Chairman Richard C. Adkerson sold 152,960 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the sale, the chairman owned 3,356,159 shares in the company, valued at $216,975,679.35. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 565,145 shares of company stock valued at $35,839,918 over the last quarter. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Up 0.0%

Shares of Freeport-McMoRan stock opened at $61.65 on Monday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $61.79 and a 200 day moving average price of $54.79. The stock has a market cap of $88.60 billion, a price-to-earnings ratio of 32.79, a price-to-earnings-growth ratio of 0.74 and a beta of 1.32. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Key Freeport-McMoRan News

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

• Positive Sentiment: Zacks Research lifted earnings estimates for multiple future periods, signaling a stronger profit outlook for Freeport-McMoRan.
• Positive Sentiment: Reports that the Grasberg mine may return to full production in 2028 support the longer-term copper production story for FCX.
• Neutral Sentiment: The stock’s recent six-month gain reflects stronger copper prices and earnings, but this move may already reflect much of the optimism. Article Title
• Negative Sentiment: Higher costs and softer production volumes could pressure near-term results and limit upside in FCX shares. Article Title

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.