Freeport-McMoRan Inc. $FCX Stock: Ninety One UK Ltd Raises Position

Key Points

• Ninety One UK Ltd increased its Freeport-McMoRan position by 4.2% in the third quarter, adding 191,234 shares to hold 4.72 million shares valued at approximately $330.4 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, exceeding analyst expectations of $0.62, while revenue reached $7.03 billion. The company declared a quarterly dividend of $0.075 per share, equivalent to a 0.4% yield.
• Analysts remain broadly positive, with FCX carrying a “Moderate Buy” consensus rating and an average price target of $76.22; however, insiders sold 110,398 shares worth $8.4 million over the past three months.

Ninety One UK Ltd boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,719,559 shares of the natural resource company's stock after acquiring an additional 191,234 shares during the period. Ninety One UK Ltd owned about 0.33% of Freeport-McMoRan worth $330,369,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FCX. Turtle Creek Wealth Advisors LLC lifted its position in shares of Freeport-McMoRan by 27.4% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 10,624 shares of the natural resource company's stock worth $744,000 after purchasing an additional 2,286 shares during the last quarter. SBE LLC DBA Cedar Cove Wealth Partners purchased a new position in Freeport-McMoRan in the third quarter valued at $353,000. Nvwm LLC increased its holdings in Freeport-McMoRan by 68.8% in the third quarter. Nvwm LLC now owns 27,800 shares of the natural resource company's stock valued at $1,946,000 after buying an additional 11,333 shares during the last quarter. Covenant Asset Management LLC acquired a new stake in Freeport-McMoRan in the third quarter valued at $213,000. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in Freeport-McMoRan in the third quarter valued at $211,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 0.7%

Shares of NYSE FCX traded down $0.50 during mid-day trading on Thursday, reaching $69.12. The company had a trading volume of 8,433,604 shares, compared to its average volume of 16,121,328. The firm has a 50 day simple moving average of $72.09 and a two-hundred day simple moving average of $66.50. Freeport-McMoRan Inc. has a 52-week low of $38.54 and a 52-week high of $80.24. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market cap of $99.25 billion, a P/E ratio of 33.99, a PEG ratio of 0.68 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating 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 firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same period in the previous year, the company earned $0.54 earnings per share. Freeport-McMoRan's quarterly revenue was down 7.3% compared to the same quarter last year. Sell-side analysts predict that Freeport-McMoRan Inc. will post 2.90 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, November 2nd. Stockholders of record on Thursday, October 15th will be given a dividend of $0.0750 per share. The ex-dividend date is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan's payout ratio is 14.78%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie Mikes sold 4,773 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares of the company's stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Stephen Higgins sold 14,277 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were 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 directly owned 54,618 shares of the company's stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have 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 currently owned by company insiders.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: A halt at Freeport-McMoRan’s Grasberg operation could tighten global copper supply if it persists. Reduced supply may support copper prices and improve the outlook for FCX’s realized pricing and cash flow. However, the disruption could also temporarily reduce production. Does the Grasberg Halt Tighten Copper for Freeport-McMoRan?
• Positive Sentiment: Scotiabank raised its Freeport-McMoRan EPS forecasts to $3.35 for FY2026 from $3.06 and to $2.86 for FY2027 from $2.62. The revisions suggest improving expectations for copper markets, production, costs or some combination of those factors.
• Positive Sentiment: Erste Group Bank also increased its FY2027 EPS estimate to $4.32 from $4.00 and maintained a Buy rating, providing a favorable long-term analyst signal.
• Neutral Sentiment: The reports describing FCX’s steeper decline than the broader market largely document the share-price performance rather than identify a new fundamental deterioration. Freeport-McMoRan Falls More Steeply Than Broader Market
• Negative Sentiment: Technical commentary argues that FCX’s rally looks tired and that consolidation is likely. This may encourage short-term investors to take profits, particularly with the stock below its 50-day moving average. Freeport-McMoRan Rally Looks Tired

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent analyst reports. Stifel Nicolaus lifted their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. BNP Paribas Exane increased their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a report on Thursday, June 18th. BMO Capital Markets raised their target price on Freeport-McMoRan from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. Weiss Ratings upgraded Freeport-McMoRan from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Finally, Barclays boosted their target price on Freeport-McMoRan from $82.00 to $83.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $76.22.

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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