Freeport-McMoRan Inc. $FCX Stock Position Increased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Freeport-McMoRan position by 84.9% in the third quarter, adding 2.5 million shares to hold 5.45 million shares worth approximately $381.4 million. Institutional investors collectively own 80.77% of FCX.
• Analysts remain broadly bullish, with an average rating of “Moderate Buy” and an average price target of $76.22; several firms recently raised targets to between $82 and $92.
• FCX reported quarterly earnings and revenue above expectations and maintains a $0.075 quarterly dividend, but the stock has faced profit-taking after a major rally and carries operational and valuation risks tied to copper prices and the Grasberg disruption.

Assenagon Asset Management S.A. grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 84.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,448,772 shares of the natural resource company's stock after acquiring an additional 2,501,881 shares during the period. Assenagon Asset Management S.A. owned about 0.38% of Freeport-McMoRan worth $381,414,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. State Street Corp lifted its position in Freeport-McMoRan by 3.6% during the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company's stock valued at $4,181,268,000 after purchasing an additional 2,300,416 shares during the period. Bank of America Corp DE boosted its holdings in Freeport-McMoRan by 20.0% in the first 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 purchasing an additional 7,044,775 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company's stock valued at $938,197,000 after purchasing an additional 1,810,698 shares during the last quarter. Amundi grew its position in Freeport-McMoRan by 10.5% during the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company's stock worth $743,353,000 after purchasing an additional 1,125,982 shares during the period. Finally, Jupiter Topco LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $739,890,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the subject of a number of recent research reports. BNP Paribas Exane lifted their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $77.00 to $92.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. Citigroup upped their target price on Freeport-McMoRan from $66.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Freedom Broker lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Finally, Wells Fargo & Company raised their target price on Freeport-McMoRan from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $76.22.

Key Freeport-McMoRan News

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

• Positive Sentiment: Strong copper-demand outlook: BlackRock World Mining Trust identified FCX as a major holding, citing long-term demand from global electrification, artificial intelligence infrastructure and the broader focus on critical minerals. This reinforces the investment case for Freeport as a major copper supplier. Freeport McMoRan Is A Major Holding In A Mining Trust
• Positive Sentiment: Higher profit forecasts: Scotiabank raised its FY2026 EPS estimate for FCX to $3.35 from $3.06 and its FY2027 forecast to $2.86 from $2.62. Erste Group also increased its FY2027 estimate to $4.32 from $4.00 and maintained a Buy rating, reflecting expectations for strong metal prices and cash generation. Analysts Raise Freeport-McMoRan Earnings Estimates
• Positive Sentiment: Potential earnings beat: FCX is among the copper and precious-metals companies viewed as likely to exceed third-quarter 2026 estimates, helped by elevated metal prices. Copper and Precious Metals Stocks Likely to Beat Q3 Estimates
• Neutral Sentiment: Production broadly on plan: Third-quarter copper and gold output was generally in line with expectations, but some Indonesian gold production shifted into the fourth quarter. That timing change may defer near-term revenue while potentially supporting the next quarter’s results. Freeport-McMoRan After Q3 Production Update
• Neutral Sentiment: Operational and valuation considerations: Coverage of the Grasberg disruption suggests the event could tighten copper supply, but it also highlights operating risk. Meanwhile, analysts question whether FCX’s sizable multiyear rally and roughly $70 share price already reflect optimistic copper and cash-flow assumptions. Does the Grasberg Halt Tighten Copper Supply?
• Negative Sentiment: Recent profit-taking: FCX recently declined more sharply than the broader market, and commentary suggests its rally may be losing momentum, increasing the likelihood of consolidation despite the favorable long-term copper outlook. Freeport-McMoRan Rally Looks Tired

Freeport-McMoRan Stock Performance

FCX opened at $70.00 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm has a fifty day moving average price of $72.12 and a 200 day moving average price of $66.60. Freeport-McMoRan Inc. has a 1 year low of $38.54 and a 1 year high of $80.24. The stock has a market cap of $100.52 billion, a P/E ratio of 34.48, a P/E/G ratio of 0.66 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm's quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.54 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be given a $0.0750 dividend. 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 dividend payout ratio is 14.78%.

Insider Activity

In other news, CAO Ellie Mikes sold 4,773 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction 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. This represents a 11.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Douglas Currault, II sold 80,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares in the company, valued at approximately $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. In the last ninety days, insiders have sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is currently owned by insiders.

Freeport-McMoRan Company 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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