Freeport-McMoRan Inc. $FCX Stock: Massachusetts Wealth Management Decreases Holdings

Massachusetts Wealth Management cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,850 shares of the natural resource company’s stock after selling 13,650 shares during the quarter. Massachusetts Wealth Management’s holdings in Freeport-McMoRan were worth $2,720,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. State Street Corp lifted its holdings in shares of Freeport-McMoRan by 3.6% in the 2nd quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after purchasing an additional 2,300,416 shares during the last quarter. Bank of America Corp DE boosted its position in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Wellington Management Group LLP grew its stake in Freeport-McMoRan by 13.8% during the 2nd quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock worth $938,197,000 after buying an additional 1,810,698 shares during the last quarter. Amundi grew its stake in Freeport-McMoRan by 10.5% during the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock worth $743,353,000 after buying an additional 1,125,982 shares during the last quarter. Finally, Jupiter Topco LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth $739,890,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FCX. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. Citigroup boosted their price target on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a report on Monday, October 5th. Erste Group Bank started coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They set a “buy” rating for the company. UBS Group upped their price target on shares of Freeport-McMoRan from $77.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, October 8th. Finally, Bank of America increased their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan News Roundup

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

• Positive Sentiment: Barclays raises target to $84: Barclays increased its price target for Freeport-McMoRan, signaling greater confidence in the copper producer’s valuation and upside potential. A separate report said the analyst expects FCX shares to rise. Barclays raises target to USD 84.00 Freeport-McMoRan Stock Price Expected to Rise
• Positive Sentiment: Potential earnings beat: Analysts expect FCX’s upcoming earnings report to show growth, with Zacks citing a combination of factors that could support a beat. The company is also expected to announce results shortly, making earnings expectations a likely near-term trading catalyst. Freeport-McMoRan Earnings Expected to Grow Freeport-McMoRan Expected to Announce Earnings
• Neutral Sentiment: Copper versus rare-earth comparison: An investment comparison with MP Materials highlights FCX as a way to gain exposure to copper, a metal central to electricity-grid investment, rather than the higher-growth rare-earth market. The article does not identify a specific new catalyst for FCX. Rare Earths vs. Copper
• Negative Sentiment: Recent market underperformance: FCX declined during the latest reported session even as the broader market gained, indicating continued pressure on the shares despite favorable analyst commentary. Reports also question whether broker recommendations are overly optimistic and compare FCX’s performance with the basic-materials sector. Freeport-McMoRan Stock Sinks As Market Gains Freeport-McMoRan Considered a Good Investment

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. The trade was 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 worth $8,387,271 over the last 90 days. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $68.85 on Thursday. The business’s 50 day moving average is $72.09 and its 200-day moving average is $66.89. The stock has a market cap of $98.87 billion, a PE ratio of 33.91, a price-to-earnings-growth ratio of 0.64 and a beta of 1.39. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a twelve month low of $38.54 and a twelve month high of $80.24.

Freeport-McMoRan (NYSE:FCX) 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 business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The business’s revenue was down 7.3% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 2.95 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a $0.0750 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.