Freeport-McMoRan Inc. $FCX Stock Bought by CX Institutional

Key Points

• Institutional ownership increased: CX Institutional boosted its Freeport-McMoRan stake by 165.5% to 25,465 shares, while institutional investors collectively own 80.77% of FCX.
• Analysts remain broadly bullish: FCX has a “Moderate Buy” consensus rating and an average price target of $72.87, with several analysts recently raising targets to $80–$85.
• Operational performance was mixed: Freeport beat quarterly earnings and revenue expectations, and copper production met targets, but deferred gold sales and weaker copper prices pose potential headwinds.

CX Institutional increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 165.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,465 shares of the natural resource company's stock after acquiring an additional 15,872 shares during the period. CX Institutional's holdings in Freeport-McMoRan were worth $1,783,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Jupiter Topco LLC bought a new stake in Freeport-McMoRan during the second quarter valued at $739,890,000. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 98.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of 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 acquiring an additional 7,044,775 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Freeport-McMoRan by 101.2% in the 1st quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company's stock valued at $675,896,000 after acquiring an additional 5,784,156 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stifel Nicolaus boosted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. The Goldman Sachs Group reissued a "buy" rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Royal Bank Of Canada raised their price objective on shares of Freeport-McMoRan from $73.00 to $85.00 and gave the company a "sector perform" rating in a research report on Wednesday, September 16th. Freedom Broker downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Finally, BMO Capital Markets lifted their price objective 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. One equities research 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 company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.87.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen Higgins sold 14,277 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ellie Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were 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 approximately $2,520,000. This trade represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. Company insiders own 0.73% of the company's stock.

Freeport-McMoRan Trading Up 4.0%

FCX stock opened at $72.07 on Friday. The company has a market capitalization of $103.50 billion, a PE ratio of 35.50, a price-to-earnings-growth ratio of 0.71 and a beta of 1.39. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. Freeport-McMoRan Inc. has a one year low of $38.54 and a one year high of $80.24. The company's 50 day moving average price is $70.74 and its two-hundred day moving average price is $65.50.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations 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 prior year, the company earned $0.54 EPS. As a group, analysts predict that Freeport-McMoRan Inc. will post 2.82 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Trending Headlines about Freeport-McMoRan

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

• Positive Sentiment: Freeport said third-quarter copper production and sales were in line with its targets, supporting confidence in its operating performance and near-term revenue generation. Freeport-McMoRan Reports Q3 Consolidated Production And Sales Of Copper And Gold
• Positive Sentiment: The company said ramp-up activities at Indonesia’s Grasberg mine remain on track following a mudslide disruption. Continued recovery at the major copper-and-gold operation is important to Freeport’s production growth and cash-flow outlook. Freeport says Indonesia’s Grasberg mine ramp-up on track after mudslide disruption
• Positive Sentiment: An analyst raised the price target on FCX to $85, indicating continued confidence in the stock’s copper exposure and operational recovery potential. Freeport-McMoRan Price Target Raised to $85.00
• Neutral Sentiment: Although Freeport hit its copper targets, gold sales were deferred. The timing issue increases reported cash costs and could shift some expected revenue and profitability into later periods. Freeport-McMoRan Hits 3Q Copper Targets, Gold Sale Deferrals Raise Cash Costs Higher
• Negative Sentiment: Copper futures were headed for a weekly decline, creating a commodity-price headwind for Freeport’s earnings and valuation despite the company’s solid operational update. Freeport-McMoRan hits Q3 copper targets; copper futures head for weekly loss

Freeport-McMoRan Profile

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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