Provenance Wealth Advisors LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 2,116.3% during the third quarter, Holdings Channel reports. The firm owned 17,797 shares of the natural resource company’s stock after acquiring an additional 16,994 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $1,246,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Jupiter Topco LLC acquired a new position in Freeport-McMoRan during the second quarter worth approximately $739,890,000. Bank of America Corp DE lifted its stake 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 buying an additional 7,044,775 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Freeport-McMoRan by 101.2% in the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock valued at $675,896,000 after acquiring an additional 5,784,156 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Freeport-McMoRan by 84.9% in the third quarter. Assenagon Asset Management S.A. now owns 5,448,772 shares of the natural resource company’s stock valued at $381,414,000 after acquiring an additional 2,501,881 shares during the period. Finally, State Street Corp boosted its holdings 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 during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.
Insider Buying and Selling at Freeport-McMoRan
In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lydia H. Kennard sold 3,798 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director owned 122,702 shares in the company, valued at $9,706,955.22. This trade represents a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.73% of the company’s stock.
Freeport-McMoRan Stock Performance
NYSE:FCX opened at $62.63 on Thursday. The company has a quick ratio of 0.91, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. Freeport-McMoRan Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. The stock has a market cap of $89.94 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 0.57 and a beta of 1.38. The firm’s fifty day simple moving average is $70.65 and its 200-day simple moving average is $65.28.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $7.36 billion. During the same period last year, the firm earned $0.50 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were paid a dividend of $0.0750 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 Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 12.61%.
Key Freeport-McMoRan News
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Freeport expects 2027 copper sales volumes to grow more than 20%. It also reported that new leaching additives achieved lab recoveries more than four times initial results, offering a potential boost to production efficiency. Article: Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
- Positive Sentiment: The board approved a $4.5 billion expansion and modernization program at the Bagdad operation in Arizona, aimed at increasing copper and molybdenum production. This could support longer-term U.S. output growth. Article: Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
- Positive Sentiment: An analyst commentary said the Grasberg recovery remains on schedule and cited solid mine cash flows; it also expects delayed Indonesian gold sales to reverse in the fourth quarter. These factors support the recovery outlook, though the commentary noted reduced copper sales and higher capital spending. Article: Freeport-McMoRan: Grasberg Remains On Schedule, And I Remain At Buy
- Neutral Sentiment: A Zacks analysis described FCX as technically oversold after a 14.9% decline over four weeks, while noting analysts’ earnings estimate revisions have been upward. That may indicate selling pressure is easing, but does not ensure a near-term rebound. Article: Down 14.9% in 4 Weeks, Here’s Why You Should You Buy the Dip in Freeport-McMoRan
- Negative Sentiment: The $4.5 billion Bagdad project entails significant upfront capital spending, which could weigh on cash flow as Freeport pursues future production growth.
- Negative Sentiment: Freedom Broker lowered its expectations for FCX’s stock price, a counterpoint to the more constructive analyst outlook. Article: Freedom Broker Has Lowered Expectations for Freeport-McMoRan Stock Price
Wall Street Analyst Weigh In
Several brokerages have issued reports on FCX. Erste Group Bank started coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They set a “buy” rating on the stock. Bank of America upped their target price 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. Sanford C. Bernstein decreased their target price on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Wednesday, September 9th. Freedom Broker lowered their price target on Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating on the stock in a report on Monday. Finally, UBS Group dropped their price target on Freeport-McMoRan from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $75.30.
Check Out Our Latest Report on FCX
Freeport-McMoRan Profile
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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