Freeport-McMoRan (NYSE:FCX) Shares Cross Below Two Hundred Day Moving Average - Here's Why

Key Points

• FCX shares fell below their 200-day moving average of $65.24, trading as low as $61.43 and last changing hands at $62.44, signaling near-term technical weakness.
• Freeport-McMoRan beat third-quarter expectations with $0.88 earnings per share and $7.55 billion in revenue, but reduced its copper-sales outlook despite progress in recovering the Grasberg mine.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $75.67 target price, although some firms lowered targets and warned that Grasberg’s anticipated recovery may already be reflected in the stock’s valuation.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report)'s share price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $65.24 and traded as low as $61.43. Freeport-McMoRan shares last traded at $62.44, with a volume of 17,930,991 shares.

Freeport-McMoRan News Roundup

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

• Positive Sentiment: Freeport-McMoRan’s third-quarter results exceeded expectations, with earnings per share of roughly $0.81–$0.88 on $7.55 billion in revenue, supported by stronger copper economics and year-over-year revenue growth. The company’s Grasberg recovery is also advancing, which could improve production and cash flow over time. Freeport-McMoRan Q3 2026 Earnings
• Positive Sentiment: Wells Fargo reportedly maintained a Buy view on FCX, while UBS retained its Buy rating despite reducing its price target to $85 from $88. The targets remain above the recent trading level, indicating analysts still see potential upside if copper prices and Grasberg operations remain favorable. Freeport-McMoRan Receives a Buy from Wells Fargo UBS Adjusts Freeport-McMoRan Price Target
• Neutral Sentiment: FCX was included among non-ferrous mining stocks worth watching despite a weak near-term industry outlook. The list highlights the company’s growth potential but also underscores the challenging backdrop for metal producers. 5 Non-Ferrous Metal Mining Stocks to Watch
• Negative Sentiment: Freeport reduced its copper-sales outlook even as Grasberg recovery progresses. That combination raises concerns about near-term production, shipment timing and the pace at which the mine will contribute to results. Freeport Trims Copper Sales Outlook
• Negative Sentiment: UBS and Wells Fargo lowered their expectations for FCX’s share price, adding pressure after the stock’s strong run. A separate analysis argued that the anticipated Grasberg recovery may already be reflected in the valuation, with a relatively high earnings multiple leaving less room for disappointment. UBS Forecast for Freeport-McMoRan Freeport-McMoRan Q3 Analysis

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent research reports. Weiss Ratings raised shares of Freeport-McMoRan from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Citigroup lifted their price objective on Freeport-McMoRan from $66.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, October 5th. BMO Capital Markets boosted their price objective on Freeport-McMoRan from $78.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, September 29th. Wells Fargo & Company lowered their target price on Freeport-McMoRan from $87.00 to $79.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $75.67.

Freeport-McMoRan Stock Performance

The firm's 50 day moving average is $71.59 and its 200-day moving average is $65.24. The stock has a market capitalization of $89.66 billion, a price-to-earnings ratio of 26.24, a PEG ratio of 0.61 and a beta of 1.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.92 and a current ratio of 2.02.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same quarter last year, the business earned $0.50 earnings per share. The firm's revenue was up 8.2% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders 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 0.5%. Freeport-McMoRan's payout ratio is 12.61%.

Insiders Place Their Bets

In other news, Director Lydia Kennard sold 3,798 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares of the company's stock, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Stephen Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This trade represents a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 102,848 shares of company stock valued at $7,911,621. Corporate insiders own 0.73% of the company's stock.

Institutional Trading of Freeport-McMoRan

Institutional investors have recently modified their holdings of the stock. Jupiter Topco LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at $739,890,000. Bank of America Corp DE raised its position 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 period. Janus Henderson Group PLC increased its stake in Freeport-McMoRan by 101.2% during the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company's stock worth $675,896,000 after purchasing an additional 5,784,156 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Freeport-McMoRan by 84.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 5,448,772 shares of the natural resource company's stock worth $381,414,000 after buying an additional 2,501,881 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Freeport-McMoRan by 3.6% in 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 acquiring an additional 2,300,416 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

About Freeport-McMoRan

Freeport-McMoRan Inc NYSE: FCX is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.

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