Corient Private Wealth LP Boosts Position in Freeport-McMoRan Inc. $FCX

Corient Private Wealth LP boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 43.7% in the second quarter, HoldingsChannel.com reports. The firm owned 362,566 shares of the natural resource company’s stock after buying an additional 110,203 shares during the quarter. Corient Private Wealth LP’s holdings in Freeport-McMoRan were worth $22,802,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its holdings in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $560,000. Brown Advisory Inc. grew its position in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after buying an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC raised its stake in Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after acquiring an additional 14,992 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 2.4%

Shares of Freeport-McMoRan stock opened at $76.54 on Friday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24. The company has a market cap of $109.91 billion, a P/E ratio of 37.70, a PEG ratio of 0.78 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm has a fifty day moving average of $65.46 and a two-hundred day moving average of $64.02.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (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 net margin of 11.39% and a return on equity of 10.63%. The business’s revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Freeport-McMoRan News Summary

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

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 80,000 shares of the company’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 transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the 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 completion of the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 110,398 shares of company stock valued at $8,387,271 in the last three months. 0.73% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Scotiabank boosted their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Sanford C. Bernstein boosted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Finally, UBS Group upped their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

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.