Freeport-McMoRan (NYSE:FCX) Shares Up 1.7% - Here's What Happened

Key Points

• Freeport-McMoRan shares rose 1.7% on Friday, trading as high as $62.28 after closing at $60.61 the prior day, though volume was below average.
• Analysts remain mostly positive, with recent target-price adjustments from firms like UBS, BMO, and JPMorgan and an overall consensus rating of “Moderate Buy” with a $65.14 average target.
• Fundamentals and outlook stayed supportive after the company beat quarterly earnings and revenue estimates, while news that the Grasberg mine could return to full production in 2028 reinforced the long-term copper growth story.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report)'s stock price rose 1.7% during trading on Friday . The company traded as high as $62.28 and last traded at $61.6510. Approximately 12,177,957 shares changed hands during trading, a decline of 37% from the average daily volume of 19,442,230 shares. The stock had previously closed at $60.61.

Freeport-McMoRan News Roundup

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

• Positive Sentiment: Zacks Research lifted earnings estimates for multiple future periods, signaling a stronger profit outlook for Freeport-McMoRan.
• Positive Sentiment: Reports that the Grasberg mine may return to full production in 2028 support the longer-term copper production story for FCX.
• Neutral Sentiment: The stock’s recent six-month gain reflects stronger copper prices and earnings, but this move may already reflect much of the optimism. Article Title
• Negative Sentiment: Higher costs and softer production volumes could pressure near-term results and limit upside in FCX shares. Article Title

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FCX shares. BNP Paribas Exane decreased their price objective on Freeport-McMoRan from $75.00 to $71.00 and set an "outperform" rating for the company in a report on Tuesday, April 28th. BMO Capital Markets lifted their target price on Freeport-McMoRan from $55.00 to $68.00 and gave the stock an "outperform" rating in a report on Wednesday, January 14th. UBS Group upped their price target on Freeport-McMoRan from $66.00 to $74.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Citigroup lowered their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating on the stock in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $65.14.

Freeport-McMoRan Stock Up 1.7%

The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock's 50-day simple moving average is $61.79 and its 200 day simple moving average is $54.79. The firm has a market cap of $88.60 billion, a P/E ratio of 32.79, a PEG ratio of 0.75 and a beta of 1.32.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.52 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan's dividend payout ratio is 15.96%.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 11,000 shares of the business's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company's stock, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer owned 79,894 shares in the company, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 565,145 shares of company stock worth $35,839,918 over the last 90 days. 0.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Freeport-McMoRan

A number of large investors have recently modified their holdings of FCX. Pinnacle Bancorp Inc. lifted its stake in shares of Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock valued at $118,000 after buying an additional 147 shares in the last quarter. Steph & Co. increased its position 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 increased its position in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock worth $829,000 after acquiring an additional 163 shares in the last quarter. Leo Wealth LLC raised its holdings in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock worth $347,000 after acquiring an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. lifted its position in Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company's stock valued at $1,098,000 after acquiring an additional 175 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

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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