72,604 Freeport-McMoRan Inc. $FCX Shares Sold by Foster Victor Wealth Advisors LLC

Key Points

• Foster Victor Wealth Advisors cut its Freeport-McMoRan stake by 24%, selling 72,604 shares and retaining 230,475 shares valued at approximately $16.1 million. Institutional investors collectively own 80.77% of FCX.
• Analyst sentiment remains positive, with one Strong Buy, 20 Buy, and four Hold ratings; the stock has a consensus rating of Moderate Buy and an average price target of $76.27.
• Freeport-McMoRan recently exceeded quarterly earnings and revenue expectations, reporting $0.74 in EPS and $7.03 billion in revenue, while declaring a quarterly dividend of $0.075 per share.

Foster Victor Wealth Advisors LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 230,475 shares of the natural resource company's stock after selling 72,604 shares during the period. Foster Victor Wealth Advisors LLC's holdings in Freeport-McMoRan were worth $16,076,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. NBH Bank purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $28,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $29,000. SHP Wealth Management purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth $30,000. Finally, Financial Life Planners purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $34,000. Institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. Freedom Broker downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Weiss Ratings upgraded shares of Freeport-McMoRan from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Stifel Nicolaus boosted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. The Goldman Sachs Group reissued a "buy" rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. Finally, Bank of America raised their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company 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 issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $76.27.

Insiders Place Their Bets

In other news, EVP Douglas Currault, II sold 80,000 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen Higgins sold 14,277 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 110,398 shares of company stock worth $8,387,271 in the last three months. Insiders own 0.73% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $68.85 on Thursday. Freeport-McMoRan Inc. has a 12 month low of $38.54 and a 12 month high of $80.24. The stock has a fifty day moving average price of $72.09 and a 200-day moving average price of $66.89. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The firm has a market cap of $98.87 billion, a PE ratio of 33.91, a P/E/G ratio of 0.64 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating 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 company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The firm's quarterly revenue was down 7.3% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post 2.95 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Key Stories Impacting Freeport-McMoRan

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

Freeport-McMoRan 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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