Sumitomo Mitsui Trust Group Inc. Trims Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Sumitomo Mitsui Trust Group reduced its Freeport-McMoRan stake by 2.6% in the first quarter, selling 88,819 shares and ending with 3.38 million shares valued at about $198.9 million.
• FCX has drawn bullish analyst attention, with JPMorgan and Bank of America both raising price targets, while Scotiabank also lifted earnings estimates and maintained a positive rating.
• The company delivered solid quarterly results, reporting EPS of $0.57 versus expectations of $0.47 and revenue of $6.23 billion, while also declaring a quarterly dividend of $0.075 per share.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,384,552 shares of the natural resource company's stock after selling 88,819 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Freeport-McMoRan worth $198,944,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. increased its stake in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock worth $118,000 after acquiring an additional 147 shares during the last quarter. Steph & Co. raised its stake in shares of 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 in the last quarter. Essex Bank raised its position in Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock worth $829,000 after purchasing an additional 163 shares during the period. Leo Wealth LLC boosted its position in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock valued at $347,000 after buying an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. grew its stake in shares of Freeport-McMoRan by 0.9% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company's stock valued at $1,098,000 after buying an additional 175 shares during the last quarter. Institutional investors 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: JPMorgan raised its price target on Freeport-McMoRan from $73 to $77 and reiterated an overweight rating, signaling confidence in the company’s upside. JPMorgan target hike on Freeport-McMoRan
• Positive Sentiment: Bank of America also lifted its price target from $74 to $80 and kept a buy rating, which adds to bullish sentiment around FCX. Bank of America target hike on Freeport-McMoRan
• Positive Sentiment: Scotiabank raised FY2026 earnings estimates for Freeport-McMoRan and maintained a sector outperform rating with a $77 target, suggesting stronger profit expectations. Scotiabank earnings estimate update on FCX
• Positive Sentiment: Articles highlighting strong copper demand and supply pressure at the Grasberg mine are supporting the stock, since tighter supply can improve pricing power for a major copper producer like Freeport-McMoRan. Grasberg output pressure and copper demand article
• Neutral Sentiment: Freeport-McMoRan is also drawing attention from investors and screeners, but the search interest itself is not a fundamental catalyst. Zacks investor attention article
• Neutral Sentiment: Morgan Stanley kept a Hold rating on FCX, which tempers the bullish case somewhat but does not materially change the outlook. Morgan Stanley hold rating on FCX
• Negative Sentiment: Recent coverage also noted output pressure at Grasberg, which could weigh on near-term production and create some operational risk for investors. Grasberg output pressure article

Freeport-McMoRan Stock Up 5.2%

Shares of Freeport-McMoRan stock opened at $60.50 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company's fifty day simple moving average is $63.75 and its two-hundred day simple moving average is $61.66. The company has a market cap of $86.97 billion, a P/E ratio of 32.18, a PEG ratio of 0.59 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the business posted $0.24 earnings per share. Freeport-McMoRan's quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.63 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have recently commented on FCX shares. Scotiabank lifted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a report on Monday, June 15th. Citigroup dropped their target price on Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a report on Friday, May 1st. Bank of America raised their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Finally, Raymond James Financial lowered their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating for the company in a research report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $68.63.

Freeport-McMoRan Company 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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