Assetmark Inc. Purchases 22,482 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Assetmark Inc. increased its stake in Freeport-McMoRan by 26.4% in the first quarter, buying 22,482 additional shares and bringing its total holding to 107,652 shares worth about $6.33 million.
• Institutional ownership of FCX remains high, with 80.77% of the stock held by hedge funds and other large investors, and several firms recently boosted positions in the company.
• Analysts remain broadly bullish on Freeport-McMoRan, with a consensus rating of “Moderate Buy” and an average price target of $68.95; recent reports also included multiple price-target increases and an upgraded buy rating.

Assetmark Inc. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 107,652 shares of the natural resource company's stock after purchasing an additional 22,482 shares during the quarter. Assetmark Inc.'s holdings in Freeport-McMoRan were worth $6,328,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FCX. KBC Group NV grew its position in shares of Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company's stock valued at $11,267,000 after purchasing an additional 73,002 shares during the period. Fifth Third Bancorp grew its position in Freeport-McMoRan by 34.5% in the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company's stock valued at $62,478,000 after purchasing an additional 272,726 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $8,857,000. Franklin Resources Inc. increased its position in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its holdings in Freeport-McMoRan by 175.4% during the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company's stock worth $70,078,000 after buying an additional 878,760 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Sanford C. Bernstein lifted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a "market perform" rating in a research note on Wednesday, June 10th. Citigroup reiterated a "positive" rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. CICC Research reduced their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group raised their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $68.95.

Trending Headlines about Freeport-McMoRan

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

• Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link
• Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link
• Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link
• Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link
• Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $62.57 on Wednesday. The stock's 50 day moving average is $63.69 and its 200 day moving average is $62.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The firm has a market cap of $89.94 billion, a P/E ratio of 33.28, a P/E/G ratio of 0.59 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion during the quarter, compared to analysts' expectations of $5.73 billion. During the same period in the prior year, the company posted $0.24 earnings per share. Freeport-McMoRan's revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan Inc. will post 2.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is presently 15.96%.

Freeport-McMoRan 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.

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