Public Employees Retirement System of Ohio Takes $36.13 Million Position in Freeport-McMoRan Inc. $FCX

Public Employees Retirement System of Ohio purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 574,428 shares of the natural resource company’s stock, valued at approximately $36,126,000.

Several other large investors have also recently made changes to their positions in FCX. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the 4th quarter worth $25,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $30,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Lydia H. Kennard sold 3,798 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the transaction, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 110,398 shares of company stock worth $8,387,271 over the last ninety days. Company insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. The Goldman Sachs Group decreased their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Erste Group Bank assumed coverage on Freeport-McMoRan in a report on Thursday. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Wells Fargo & Company lifted their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Freeport-McMoRan News Roundup

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

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $76.54 on Friday. The company’s 50-day moving average is $65.46 and its two-hundred day moving average is $64.02. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. 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 market capitalization of $109.91 billion, a price-to-earnings ratio of 37.70, 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 earnings per share (EPS) 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 the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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