Freeport-McMoRan Inc. $FCX Shares Acquired by Wellington Management Group LLP

Key Points

• Wellington Management increased its Freeport-McMoRan stake by 13.8% in the second quarter, adding 1.81 million shares to own 14.92 million shares valued at approximately $938.2 million. Institutional investors collectively hold 80.77% of FCX.
• Freeport-McMoRan surpassed quarterly expectations, reporting $0.74 in EPS versus $0.62 expected and $7.03 billion in revenue versus $6.62 billion forecast. Analysts maintain a “Moderate Buy” consensus, though the $70.27 average price target is below the stock’s recent trading level.
• FCX has benefited from strong copper prices and smelter optimism, but valuation and insider-selling concerns have emerged after its rally; executives sold more than 110,000 shares worth about $8.4 million over the past three months.

Wellington Management Group LLP grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 13.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,918,066 shares of the natural resource company's stock after acquiring an additional 1,810,698 shares during the period. Wellington Management Group LLP owned about 1.04% of Freeport-McMoRan worth $938,197,000 at the end of the most recent quarter.

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

Trending Headlines about Freeport-McMoRan

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

Freeport-McMoRan Stock Performance

FCX opened at $76.54 on Friday. 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 company has a market cap of $109.91 billion, a price-to-earnings ratio of 37.70, a PEG ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $80.24. The firm's fifty day simple moving average is $65.46 and its two-hundred day simple moving average is $64.02.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results 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. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The company's quarterly revenue was down 7.3% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid 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%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Erste Group Bank assumed coverage on shares of Freeport-McMoRan in a research note on Thursday. They set a "buy" rating on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Morgan Stanley boosted their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Finally, Scotiabank increased their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.27.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares of the company's stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the business'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 $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 110,398 shares of company stock worth $8,387,271 over the last three months. 0.73% of the stock is owned by insiders.

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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