Freeport-McMoRan (NYSE:FCX) Trading 5.3% Higher – Here’s What Happened

Freeport-McMoRan Inc. (NYSE:FCX) shares rose 5.3% during mid-day trading on Tuesday . The company traded as high as $78.64 and last traded at $76.6050. 16,702,232 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 16,918,434 shares. The stock had previously closed at $72.73.

Freeport-McMoRan News Roundup

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

• Positive Sentiment: Longer term, copper fundamentals remain supportive. AI data centers, grid modernization and renewable-energy infrastructure are driving demand, while global mine and concentrate production are declining. Low-cost producers such as Freeport-McMoRan could benefit from higher copper prices because much of their mining cost base is fixed. Copper’s Record Rally Highlights a Deeper Supply Problem
• Positive Sentiment: Recent record copper prices had improved FCX’s earnings outlook, and the company’s latest quarterly results exceeded expectations, with earnings of $0.74 per share versus a $0.62 consensus estimate. Its relatively modest debt-to-equity ratio also provides financial flexibility. Freeport-McMoRan stock gains strongly as record copper prices lift earnings outlook
• Neutral Sentiment: Investor interest in FCX remains elevated, and some commentators view the miner as a volatile way to gain exposure to AI-related copper demand. However, heightened attention can also amplify short-term trading swings. AI is fueling copper demand
• Negative Sentiment: Reports that the proposed copper tariff may be delayed or stalled triggered a sharp reversal in copper-related equities. The policy uncertainty undermines expectations that tariffs would tighten U.S. refined-copper supplies or support domestic copper prices, while elevated yields and a stronger dollar make commodities less attractive. Freeport-McMoRan Stock Drops on Copper Tariff Uncertainty

Analysts Set New Price Targets

A number of brokerages have weighed in on FCX. Barclays upped their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Bank of America boosted their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Thursday. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Finally, Sanford C. Bernstein cut their price target on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.75.

Freeport-McMoRan Trading Down 6.7%

The company’s 50-day moving average is $67.21 and its 200-day moving average is $64.66. The firm has a market cap of $102.18 billion, a price-to-earnings ratio of 35.05, a P/E/G ratio of 0.75 and a beta of 1.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last announced 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. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The company’s revenue was down 7.3% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 110,398 shares of company stock valued at $8,387,271 over the last 90 days. 0.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $25,000. NBH Bank acquired a new position in Freeport-McMoRan in the second quarter valued at approximately $28,000. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan during the 1st quarter worth $29,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $29,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.