Corient Private Wealth LP Raises Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Corient Private Wealth increased its Freeport-McMoRan stake by 43.7% in the second quarter, adding 110,203 shares to hold 362,566 shares valued at approximately $22.8 million. Institutional investors collectively own 80.77% of FCX.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $70.27. The company also exceeded quarterly expectations, reporting $0.74 EPS and $7.03 billion in revenue, though revenue declined 7.3% year over year.
• FCX shares opened at $76.54, near their 52-week high of $80.24, while valuation concerns and recent insider selling could weigh on the stock. The company pays a quarterly dividend of $0.075 per share, equivalent to a 0.4% yield.

Corient Private Wealth LP lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 43.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 362,566 shares of the natural resource company's stock after purchasing an additional 110,203 shares during the quarter. Corient Private Wealth LP's holdings in Freeport-McMoRan were worth $22,802,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its holdings in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock worth $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. grew its holdings in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock worth $539,000 after buying an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC raised its position in shares of Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock valued at $2,172,000 after buying an additional 14,992 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Sanford C. Bernstein boosted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a "market perform" rating in a report on Wednesday, June 10th. Erste Group Bank began coverage on Freeport-McMoRan in a research report on Thursday. They issued a "buy" rating for the company. Finally, UBS Group increased their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Freeport-McMoRan Stock Down 2.4%

Shares of NYSE FCX opened at $76.54 on Friday. The firm has a market cap of $109.91 billion, a price-to-earnings ratio of 37.70, a PEG ratio of 0.78 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $80.24. The business's 50 day moving average is $65.46 and its two-hundred day moving average is $64.02.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan's revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. Research analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan's payout ratio is 14.78%.

Freeport-McMoRan News Roundup

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

• Positive Sentiment: Recent performance data shows strong momentum, with FCX gaining significantly over the past month, quarter, and year. Zacks also identifies the stock as a strong momentum name, which may continue attracting trend-focused investors. Freeport McMoRan On Smelter Optimism And Whether The Stock Is Already Priced In Here's Why Freeport-McMoRan Is a Strong Momentum Stock
• Positive Sentiment: Optimism surrounding Freeport-McMoRan’s smelter operations and favorable copper prices supports the company’s growth outlook. A new Erste Group Bank coverage initiation with a “buy” rating also adds positive analyst sentiment. Erste Group Bank coverage
• Positive Sentiment: FCX recently exceeded quarterly earnings and revenue expectations, reporting $0.74 in earnings per share versus a $0.62 consensus estimate and revenue of $7.03 billion versus $6.62 billion expected. Analysts broadly maintain a “Moderate Buy” view, although the average published price target is below the current trading range.
• Neutral Sentiment: Analysts comparing FCX with BHP Group point to strong copper prices, healthy finances, and ongoing growth projects at both miners. The comparison supports the sector outlook but does not provide a clear company-specific catalyst. FCX versus BHP
• Negative Sentiment: Valuation concerns are weighing on the stock after its copper-fueled rally. While a discounted-cash-flow analysis suggests potential upside, market-multiple measures indicate FCX may be expensive following its strong run. Freeport-McMoRan Stock May Be Pricey After Record Copper Rally
• Negative Sentiment: Executive Vice President Douglas Currault II sold 80,000 shares worth approximately $6.3 million, reducing his holdings by 27.5%. Although the sale may be personal or scheduled, it can reinforce profit-taking concerns when the stock is near record levels. Freeport-McMoRan Insider Selling

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company's stock, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lydia H. Kennard sold 3,798 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director owned 122,702 shares in the company, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company's stock.

About Freeport-McMoRan

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.

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.

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