22,741 Freeport-McMoRan Inc. $FCX Shares Acquired by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management increased its Freeport-McMoRan stake by 9.7%, buying 22,741 shares in the third quarter to hold 257,849 shares valued at about $18.3 million.
• Institutional investors collectively own 80.77% of FCX shares. The company’s latest quarter beat earnings and revenue estimates, with revenue up 8.2% year over year.
• Freeport-McMoRan paid a quarterly dividend of $0.075 per share, equivalent to a 0.5% annualized yield; analysts’ consensus rating was “Moderate Buy,” with a $75.30 average price target.

Rakuten Investment Management Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 257,849 shares of the natural resource company's stock after acquiring an additional 22,741 shares during the quarter. Rakuten Investment Management Inc.'s holdings in Freeport-McMoRan were worth $18,253,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. NBH Bank acquired a new position in Freeport-McMoRan during the second quarter valued at $28,000. Cassaday & Co Wealth Management LLC purchased a new position in Freeport-McMoRan during the first quarter valued at approximately $29,000. Roxbury Financial LLC increased its stake in Freeport-McMoRan by 196.5% in the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company's stock valued at $37,000 after buying an additional 393 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Freeport-McMoRan in the 1st quarter valued at approximately $39,000. Finally, Archer Investment Corp acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $45,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 1.4%

Shares of FCX opened at $62.63 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 2.02. The company has a 50-day simple moving average of $70.65 and a 200-day simple moving average of $65.28. Freeport-McMoRan Inc. has a 52 week low of $38.54 and a 52 week high of $80.24. The firm has a market capitalization of $89.94 billion, a P/E ratio of 26.31, a P/E/G ratio of 0.57 and a beta of 1.38.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were issued a $0.0750 dividend. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio is presently 12.61%.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: Freeport expects 2027 copper sales volumes to grow more than 20%. It also reported that new leaching additives achieved lab recoveries more than four times initial results, offering a potential boost to production efficiency. Article: Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: The board approved a $4.5 billion expansion and modernization program at the Bagdad operation in Arizona, aimed at increasing copper and molybdenum production. This could support longer-term U.S. output growth. Article: Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
• Positive Sentiment: An analyst commentary said the Grasberg recovery remains on schedule and cited solid mine cash flows; it also expects delayed Indonesian gold sales to reverse in the fourth quarter. These factors support the recovery outlook, though the commentary noted reduced copper sales and higher capital spending. Article: Freeport-McMoRan: Grasberg Remains On Schedule, And I Remain At Buy
• Neutral Sentiment: A Zacks analysis described FCX as technically oversold after a 14.9% decline over four weeks, while noting analysts’ earnings estimate revisions have been upward. That may indicate selling pressure is easing, but does not ensure a near-term rebound. Article: Down 14.9% in 4 Weeks, Here's Why You Should You Buy the Dip in Freeport-McMoRan
• Negative Sentiment: The $4.5 billion Bagdad project entails significant upfront capital spending, which could weigh on cash flow as Freeport pursues future production growth.
• Negative Sentiment: Freedom Broker lowered its expectations for FCX’s stock price, a counterpoint to the more constructive analyst outlook. Article: Freedom Broker Has Lowered Expectations for Freeport-McMoRan Stock Price

Insider Activity at Freeport-McMoRan

In other news, EVP Douglas N. Currault II sold 80,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the sale, the executive vice president owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction that occurred 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 sale, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Wells Fargo & Company lowered their price target on Freeport-McMoRan from $87.00 to $79.00 and set an "overweight" rating for the company in a research note on Wednesday, October 28th. Stifel Nicolaus raised their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Citigroup raised their price objective on Freeport-McMoRan from $66.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, October 5th. Finally, Weiss Ratings downgraded Freeport-McMoRan from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $75.30.

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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.