Freeport-McMoRan Inc. $FCX Stock Holdings Cut by Madison Asset Management LLC

Key Points

• Madison Asset Management reduced its Freeport-McMoRan stake by 41.6% in the first quarter, selling 58,497 shares and leaving it with 82,222 shares worth about $4.83 million.
• Freeport-McMoRan reported stronger-than-expected quarterly results, with EPS of $0.57 versus $0.47 expected and revenue of $6.23 billion, up 8.8% year over year.
• Analysts remain broadly positive on the stock, with several firms raising price targets and the consensus rating standing at Moderate Buy; the company also announced a quarterly dividend of $0.075 per share.

Madison Asset Management LLC cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 41.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 82,222 shares of the natural resource company's stock after selling 58,497 shares during the quarter. Madison Asset Management LLC's holdings in Freeport-McMoRan were worth $4,833,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the fourth quarter valued at about $25,000. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan during the first quarter worth about $29,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan in the fourth quarter worth about $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan in the fourth quarter worth about $30,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 6.4%

NYSE:FCX opened at $62.57 on Wednesday. The stock has a fifty day simple moving average of $63.69 and a 200 day simple moving average of $62.15. The firm has a market capitalization of $89.94 billion, a price-to-earnings ratio of 33.28, a price-to-earnings-growth ratio of 0.59 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. 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 (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The business's revenue for the quarter was up 8.8% compared to the same quarter last year. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus raised 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. HSBC increased their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. CICC Research decreased their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group upped their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $68.95.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link
• Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link
• Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link
• Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link
• Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link

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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