Freeport-McMoRan Inc. $FCX Stock Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.1% in the 3rd quarter, Holdings Channel reports. The firm owned 263,929 shares of the natural resource company’s stock after selling 11,190 shares during the period. Pinnacle Associates Ltd.’s holdings in Freeport-McMoRan were worth $18,475,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. NBH Bank acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $28,000. Steph & Co. increased its stake in shares of 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 bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at $29,000. Financial Life Planners acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $34,000. Finally, Roxbury Financial LLC raised its holdings in shares of Freeport-McMoRan by 196.5% during the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock worth $37,000 after buying an additional 393 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

More Freeport-McMoRan News

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

• Positive Sentiment: Barclays raised its price target on Freeport-McMoRan from $83 to $84 and maintained an “overweight” rating, implying substantial potential upside from the referenced price. Freeport-McMoRan price target raised by Barclays
• Positive Sentiment: Upcoming earnings expectations are supportive. Zacks says FCX has two factors associated with a potential earnings beat, while analysts expect earnings to grow in the upcoming report. A strong result could provide a near-term catalyst, although the report has not yet been released. Freeport-McMoRan earnings expected to grow
• Neutral Sentiment: Brokerage recommendations are favorable, but their reliability is questioned. FCX’s average brokerage recommendation suggests the stock may merit inclusion in a portfolio. However, the article cautions that Wall Street analysts can be overly optimistic, making the rating a less dependable standalone buy signal. Freeport-McMoRan brokerage recommendations
• Negative Sentiment: Sector-relative performance may be weighing on sentiment. A comparison of FCX with Steel Dynamics and the broader basic-materials sector examines whether the company has lagged this year, potentially signaling weaker relative momentum and helping explain the stock’s decline. Freeport-McMoRan basic materials sector comparison

Insider Transactions at Freeport-McMoRan

In related news, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This trade represents a 27.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Ellie Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. Barclays upped their price objective on Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Morgan Stanley lifted their target price on Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 7th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $68.93 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. 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 $98.98 billion, a P/E ratio of 33.95, a P/E/G ratio of 0.66 and a beta of 1.39. The company’s 50 day moving average price is $72.10 and its two-hundred day moving average price is $66.83.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 earnings per share. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 2.90 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, November 2nd. Stockholders of record on Thursday, October 15th will be paid a $0.0750 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

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.