Thornburg Investment Management Inc. Acquires 468,594 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Thornburg Investment Management increased its Freeport-McMoRan stake by 16.5%, purchasing 468,594 shares to own 3.30 million shares valued at approximately $207.8 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in EPS and $7.03 billion in revenue versus estimates of $0.62 and $6.62 billion, respectively. Analysts maintain a “Moderate Buy” consensus, though the average $70.27 price target is below the reported $76.54 share price.
• The company declared a quarterly dividend of $0.075, equivalent to a 0.4% annual yield. Recent insider selling—including directors and executives—totaled 110,398 shares worth $8.4 million over the last quarter.

Thornburg Investment Management Inc. increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,304,828 shares of the natural resource company's stock after purchasing an additional 468,594 shares during the quarter. Freeport-McMoRan makes up 2.0% of Thornburg Investment Management Inc.'s investment portfolio, making the stock its 13th biggest holding. Thornburg Investment Management Inc. owned approximately 0.23% of Freeport-McMoRan worth $207,841,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Jupiter Topco LLC acquired a new position in Freeport-McMoRan in the second quarter valued at $739,890,000. Arrowstreet Capital Limited Partnership grew its stake in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the period. Franklin Resources Inc. lifted its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $1,897,202,000 after buying an additional 8,891,743 shares during the period. Amundi boosted its holdings in shares of Freeport-McMoRan by 102.5% during the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock worth $721,806,000 after buying an additional 7,192,955 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock worth $2,489,069,000 after buying an additional 7,044,775 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $76.54 on Friday. The company has a market capitalization of $109.91 billion, a PE ratio of 37.70, a PEG ratio of 0.76 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average price is $65.46 and its 200-day moving average price is $64.02. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $80.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan's quarterly revenue was down 7.3% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's payout ratio is 14.78%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Morgan Stanley boosted their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Sanford C. Bernstein raised their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. Bank of America lifted their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Finally, HSBC lifted their price target on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $70.27.

More Freeport-McMoRan News

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

• Positive Sentiment: Recent performance data shows strong momentum, with FCX gaining significantly over the past month, quarter, and year. Zacks also identifies the stock as a strong momentum name, which may continue attracting trend-focused investors. Freeport McMoRan On Smelter Optimism And Whether The Stock Is Already Priced In Here's Why Freeport-McMoRan Is a Strong Momentum Stock
• Positive Sentiment: Optimism surrounding Freeport-McMoRan’s smelter operations and favorable copper prices supports the company’s growth outlook. A new Erste Group Bank coverage initiation with a “buy” rating also adds positive analyst sentiment. Erste Group Bank coverage
• Positive Sentiment: FCX recently exceeded quarterly earnings and revenue expectations, reporting $0.74 in earnings per share versus a $0.62 consensus estimate and revenue of $7.03 billion versus $6.62 billion expected. Analysts broadly maintain a “Moderate Buy” view, although the average published price target is below the current trading range.
• Neutral Sentiment: Analysts comparing FCX with BHP Group point to strong copper prices, healthy finances, and ongoing growth projects at both miners. The comparison supports the sector outlook but does not provide a clear company-specific catalyst. FCX versus BHP
• Negative Sentiment: Valuation concerns are weighing on the stock after its copper-fueled rally. While a discounted-cash-flow analysis suggests potential upside, market-multiple measures indicate FCX may be expensive following its strong run. Freeport-McMoRan Stock May Be Pricey After Record Copper Rally
• Negative Sentiment: Executive Vice President Douglas Currault II sold 80,000 shares worth approximately $6.3 million, reducing his holdings by 27.5%. Although the sale may be personal or scheduled, it can reinforce profit-taking concerns when the stock is near record levels. Freeport-McMoRan Insider Selling

Insider Activity at Freeport-McMoRan

In related news, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares of the company's stock, valued at $2,520,000. This trade represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 110,398 shares of company stock valued at $8,387,271 over the last quarter. Corporate insiders own 0.73% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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