First Citizens Bank & Trust Co. Buys 20,358 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• First Citizens Bank & Trust Co. increased its Freeport-McMoRan stake by 207.4% in the third quarter, buying 20,358 additional shares for a total position of 30,176 shares valued at approximately $2.1 million.
• Institutional investors own 80.77% of FCX, with major holders including State Street, Bank of America, Wellington Management and Amundi, which all increased their positions.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and a $76.22 average price target. Freeport-McMoRan also reported quarterly earnings above expectations and declared a $0.075-per-share dividend.

First Citizens Bank & Trust Co. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 207.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,176 shares of the natural resource company's stock after buying an additional 20,358 shares during the period. First Citizens Bank & Trust Co.'s holdings in Freeport-McMoRan were worth $2,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp grew its holdings in shares of Freeport-McMoRan by 3.6% in the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company's stock valued at $4,181,268,000 after purchasing an additional 2,300,416 shares in the last quarter. Bank of America Corp DE boosted its position in Freeport-McMoRan by 20.0% in the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock valued at $2,489,069,000 after buying an additional 7,044,775 shares during the period. Wellington Management Group LLP grew its stake in shares of Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company's stock worth $938,197,000 after acquiring an additional 1,810,698 shares in the last quarter. Amundi grew its stake in shares of Freeport-McMoRan by 10.5% in the second quarter. Amundi now owns 11,819,898 shares of the natural resource company's stock worth $743,353,000 after acquiring an additional 1,125,982 shares in the last quarter. Finally, Jupiter Topco LLC acquired a new position in shares of Freeport-McMoRan in the second quarter worth $739,890,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $69.65 on Thursday. The stock's 50-day moving average price is $72.09 and its 200 day moving average price is $66.50. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $100.01 billion, a PE ratio of 34.31, a price-to-earnings-growth ratio of 0.68 and a beta of 1.39. Freeport-McMoRan Inc. has a 52-week low of $38.54 and a 52-week high of $80.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm's revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.90 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on FCX shares. Bank of America raised their target price 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. BMO Capital Markets boosted their price target on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, September 29th. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Wells Fargo & Company increased their price objective on shares of Freeport-McMoRan from $70.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, October 6th. Finally, Morgan Stanley lifted their price objective on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $76.22.

Key Stories Impacting Freeport-McMoRan

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

• Positive Sentiment: Higher earnings forecasts: Scotiabank raised its FY2026 EPS estimate to $3.35 from $3.06 and its FY2027 estimate to $2.86 from $2.62. Erste Group also increased its FY2026 forecast to $3.10 and FY2027 forecast to $4.32; Erste maintains a “Buy” rating. The revisions suggest analysts see potential for stronger copper prices, production, or profitability. MarketBeat analyst estimate updates
• Positive Sentiment: Potentially tighter copper supply: A halt at Grasberg could restrict copper production and tighten global supply, potentially supporting copper prices and Freeport-McMoRan’s realized pricing. However, the benefit depends on how long the disruption lasts and the company’s ability to restore operations. Does the Grasberg Halt Tighten Copper Supply?
• Neutral Sentiment: Dividend remains unchanged: Freeport-McMoRan is scheduled to pay a quarterly dividend of $0.07 on November 2. The payment supports shareholder returns but is unlikely to be a major catalyst given its modest yield. Freeport-McMoRan quarterly dividend
• Negative Sentiment: Technical momentum is fading: Commentary that FCX’s rally appears tired and that consolidation may be likely is encouraging investors to lock in gains after the stock’s strong run toward its 52-week high. Freeport-McMoRan rally looks tired
• Negative Sentiment: Operational uncertainty and broader-market weakness: The Grasberg halt raises concerns about production, costs, and the timing of any recovery. FCX also underperformed the broader market in the latest session, indicating risk reduction in a volatile, high-beta mining stock. Freeport-McMoRan falls more steeply than the broader market

Insider Activity at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 80,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of the firm's stock in a transaction that occurred 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 110,398 shares of company stock worth $8,387,271 over the last three months. 0.73% of the stock is owned by corporate insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc NYSE: FCX is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.

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