Calamos Advisors LLC Raises Position in Freeport-McMoRan Inc. $FCX

Key Points

• Calamos Advisors raised its stake in Freeport‑McMoRan by 13.4% to 927,380 shares (~$47.1M), as institutional investors now own roughly 80.8% of the stock.
• Freeport beat Q1 estimates (EPS $0.57 vs. $0.47) aided by higher realized commodity prices and a ~$700M insurance payment, but management cut 2026 copper sales after a slower Grasberg ramp, triggering an intraday share drop of about 10%.
• Analysts are mixed—some firms (UBS, JPMorgan) raised targets while others cut them—leaving a MarketBeat consensus of Moderate Buy with a ~$65.66 target, and insiders have sold roughly 565,145 shares (~$35.8M) over the past 90 days.

Calamos Advisors LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 13.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 927,380 shares of the natural resource company's stock after buying an additional 109,594 shares during the period. Calamos Advisors LLC owned approximately 0.06% of Freeport-McMoRan worth $47,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Freeport-McMoRan by 205.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company's stock valued at $181,490,000 after purchasing an additional 2,813,845 shares during the last quarter. Amundi grew its position in Freeport-McMoRan by 43.7% during the 3rd quarter. Amundi now owns 7,018,624 shares of the natural resource company's stock worth $282,991,000 after purchasing an additional 2,132,708 shares during the last quarter. Kirkoswald Asset Management LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $82,754,200,000. Finally, Schroder Investment Management Group grew its position in Freeport-McMoRan by 87.6% during the 3rd quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company's stock worth $152,749,000 after purchasing an additional 1,921,792 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: Q1 beat and cash support — FCX reported stronger‑than‑expected Q1 results (EPS $0.57 vs. ~$0.47 est.) with revenue up ~8.7% YoY; management noted higher realized commodity prices and a ~$700M insurance payment that helped results. Freeport-McMoRan: Less Copper Supply Isn't All Bad
• Positive Sentiment: Analyst upgrade — UBS raised its price target to $74 and kept a Buy rating, signaling upside based on commodity outlook and valuation. UBS Lifts Price Target on Freeport-McMoRan to $74
• Neutral Sentiment: Market/valuation debate — Several pieces question whether current share price already reflects copper optimism and the recent volatility; investors should weigh the outlook for copper prices vs. reduced volumes. Is Freeport-McMoRan (FCX) Pricing Fully Reflects Recent Copper Optimism And Share Volatility
• Neutral Sentiment: Company materials and call — The earnings presentation and transcript are available for review (useful for guidance detail, cost outlook and timing for Grasberg ramp). Freeport-McMoRan Inc. (FCX) Q1 2026 Earnings Call Transcript
• Negative Sentiment: Grasberg production setbacks — Management cut 2026 copper sales guidance (roughly a 300M lb reduction cited) after a slower Grasberg ramp following last year’s incident; lower volumes directly pressure near‑term revenue and triggered the sell‑off. Freeport McMoRan falls as Grasberg delay cuts 2026 output outlook
• Negative Sentiment: Analyst downgrades and target cuts — Multiple firms trimmed targets or ratings (Morgan Stanley downgraded to Equal Weight and cut its PT; others cut targets or estimates), increasing near‑term selling pressure despite some boutiques still bullish. Morgan Stanley Downgrades Freeport-McMoRan Bernstein Adjusts Price Target on Freeport-McMoRan
• Negative Sentiment: Stock reaction — The market punished FCX on the combination of the production cut and uncertain Grasberg timing (reports of a ~10% intraday drop were published), showing sensitivity to volume risk even with strong commodity prices. Freeport-McMoRan (FCX) Stock Plunges 10% After Slashing Production Forecasts

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the sale, the chief accounting officer owned 40,773 shares of the company's stock, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 565,145 shares of company stock valued at $35,839,918 over the last ninety days. Corporate insiders own 0.75% of the company's stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several research analyst reports. Morgan Stanley reissued an "equal weight" rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. UBS Group boosted their target price on shares of Freeport-McMoRan from $66.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday. Raymond James Financial dropped their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.66.

Freeport-McMoRan Stock Down 0.6%

FCX stock opened at $61.12 on Friday. The firm's fifty day simple moving average is $62.47 and its 200-day simple moving average is $53.78. The company has a market capitalization of $87.83 billion, a P/E ratio of 32.51, a price-to-earnings-growth ratio of 0.71 and a beta of 1.48. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.05. Freeport-McMoRan Inc. has a 12 month low of $34.45 and a 12 month high of $70.96.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $6.40 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm's quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.54 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan's payout ratio is currently 19.87%.

Freeport-McMoRan Company 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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