Freeport-McMoRan Inc. $FCX Position Increased by Fiduciary Alliance LLC

Key Points

• Fiduciary Alliance LLC increased its Freeport-McMoRan stake by 371.1% in the first quarter, ending with 33,298 shares valued at about $1.96 million.
• Freeport-McMoRan reported stronger-than-expected quarterly results, posting earnings of $0.57 per share on revenue of $6.23 billion, both above analyst estimates.
• Wall Street sentiment remains positive: analysts have a Moderate Buy consensus on FCX, with several firms raising price targets, while the company also announced a quarterly dividend of $0.075 per share.

Fiduciary Alliance LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 371.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,298 shares of the natural resource company's stock after buying an additional 26,230 shares during the quarter. Fiduciary Alliance LLC's holdings in Freeport-McMoRan were worth $1,957,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Steph & Co. raised its stake in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 150 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan during the 4th quarter valued at $29,000. SHP Wealth Management purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $30,000. Finally, JPL Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at $33,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. BNP Paribas Exane lifted their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a report on Thursday, June 18th. UBS Group increased their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Jefferies Financial Group raised their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Citigroup lowered their target price on Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, Scotiabank lifted their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research note on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $68.27.

Freeport-McMoRan Trading Up 1.5%

Freeport-McMoRan stock opened at $62.79 on Friday. The company's fifty day simple moving average is $64.73 and its 200-day simple moving average is $60.70. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The stock has a market cap of $90.26 billion, a P/E ratio of 33.40, a P/E/G ratio of 0.75 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan News Roundup

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

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and kept an outperform rating, signaling more upside potential for the stock. BMO Capital adjusts price target on Freeport-McMoRan
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, which includes both a base dividend and a variable dividend, reinforcing shareholder returns and reflecting confidence in cash generation. Freeport declares quarterly cash dividends
• Positive Sentiment: FCX has been showing relative strength versus the broader market, with recent trading action indicating the stock has been rising while the market has dipped. FCX gains as market dips
• Neutral Sentiment: Freeport-McMoRan is also being highlighted as one of the most watched stocks on Zacks, suggesting elevated investor interest, but not necessarily a direct fundamental catalyst. FCX is attracting investor attention
• Neutral Sentiment: Some market commentary says FCX underperformed competitors on Tuesday, which may point to normal trading rotation rather than a major negative company event. Freeport-McMoRan stock underperforms Tuesday when compared to competitors

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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