SummitTX Capital L.P. Lowers Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• SummitTX Capital reduced its Freeport-McMoRan stake by 18.4% in the first quarter, selling 37,103 shares and retaining 164,370 shares valued at approximately $9.66 million.
• Freeport-McMoRan reported quarterly EPS of $0.74 and revenue of $7.03 billion, exceeding analyst expectations of $0.62 EPS and $6.62 billion in revenue.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $70.18; institutional investors own approximately 80.77% of outstanding shares.

SummitTX Capital L.P. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 164,370 shares of the natural resource company's stock after selling 37,103 shares during the period. SummitTX Capital L.P.'s holdings in Freeport-McMoRan were worth $9,662,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Steph & Co. increased its holdings in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan during the first quarter worth $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan during the fourth quarter worth $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $29,000. Finally, Financial Life Planners purchased a new position in shares of Freeport-McMoRan during the first quarter worth $34,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FCX shares. Morgan Stanley lifted their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Raymond James Financial dropped their target price 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. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Royal Bank Of Canada raised their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a "sector perform" rating in a research note on Friday. Finally, Sanford C. Bernstein lifted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $70.18.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Price Performance

FCX stock opened at $62.54 on Monday. 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 market capitalization of $89.90 billion, a P/E ratio of 30.81, a P/E/G ratio of 0.61 and a beta of 1.37. The business's 50-day moving average is $63.58 and its two-hundred day moving average is $62.38. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The business's revenue for the quarter was down 7.3% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's payout ratio is 14.78%.

About Freeport-McMoRan

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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