37,606 Freeport-McMoRan Inc. $FCX Shares Bought by JCIC Asset Management Inc.

Key Points

• JCIC Asset Management increased its Freeport-McMoRan stake by 59.1%, adding 37,606 shares to reach 101,214 shares valued at about $7.1 million.
• Two company insiders sold shares: Director Lydia Kennard sold 3,798 shares, while EVP Douglas Currault sold 80,000. Institutional investors and hedge funds own 80.77% of the stock.
• Freeport-McMoRan beat quarterly earnings and revenue estimates, reporting $0.88 per share and $7.55 billion in revenue. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $75.30.

JCIC Asset Management Inc. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 59.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 101,214 shares of the natural resource company's stock after acquiring an additional 37,606 shares during the period. Freeport-McMoRan comprises about 2.9% of JCIC Asset Management Inc.'s investment portfolio, making the stock its 11th biggest position. JCIC Asset Management Inc.'s holdings in Freeport-McMoRan were worth $7,085,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. NBH Bank acquired a new position in Freeport-McMoRan in the second quarter worth about $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan during the first quarter valued at approximately $29,000. Roxbury Financial LLC boosted its holdings in Freeport-McMoRan by 196.5% during the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company's stock valued at $37,000 after purchasing an additional 393 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Freeport-McMoRan during the first quarter valued at approximately $39,000. Finally, Archer Investment Corp bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $45,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Lydia Kennard sold 3,798 shares of the firm'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 completion of the sale, the director directly 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. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Douglas Currault, II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the transaction, the executive vice president directly owned 211,016 shares of the company's stock, valued at $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. Company insiders own 0.73% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Stifel Nicolaus raised their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Barclays boosted their target price on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the company an "overweight" rating in a research note on Monday, October 19th. Bank of America upped their target price 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. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Wells Fargo & Company dropped their target price on shares of Freeport-McMoRan from $87.00 to $79.00 and set an "overweight" rating for the company in a research report on Wednesday, October 28th. One 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $75.30.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.63 on Thursday. The stock has a market capitalization of $89.94 billion, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 0.57 and a beta of 1.38. The company has a current ratio of 2.02, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. Freeport-McMoRan Inc. has a 1 year low of $38.54 and a 1 year high of $80.24. The firm has a 50 day moving average of $70.65 and a 200-day moving average of $65.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same period in the prior year, the company earned $0.50 EPS. Freeport-McMoRan's revenue for the quarter was up 8.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 3.04 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan News Summary

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

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.

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