Freeport-McMoRan Inc. $FCX Shares Sold by Hosking Partners LLP

Hosking Partners LLP cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,251,100 shares of the natural resource company’s stock after selling 107,871 shares during the period. Freeport-McMoRan accounts for 3.0% of Hosking Partners LLP’s investment portfolio, making the stock its 5th largest holding. Hosking Partners LLP’s holdings in Freeport-McMoRan were worth $87,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jupiter Topco LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth approximately $739,890,000. Bank of America Corp DE lifted its position in shares of Freeport-McMoRan by 20.0% in the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Janus Henderson Group PLC lifted its position in shares of Freeport-McMoRan by 101.2% in the 1st 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 position in shares of Freeport-McMoRan by 84.9% in 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 purchasing an additional 2,501,881 shares during the period. Finally, State Street Corp boosted its stake in shares of Freeport-McMoRan by 3.6% in the 2nd quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock valued at $4,181,268,000 after purchasing an additional 2,300,416 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.0%

NYSE FCX opened at $68.85 on Thursday. The business has a 50 day simple moving average of $72.09 and a 200 day simple moving average of $66.89. Freeport-McMoRan Inc. has a one year low of $38.54 and a one year high of $80.24. The stock has a market capitalization of $98.87 billion, a P/E ratio of 33.91, a P/E/G ratio of 0.64 and a beta of 1.39. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX) last issued 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 return on equity of 10.63% and a net margin of 11.39%. The business 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 company posted $0.54 earnings per share. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 2.95 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be issued a dividend of $0.0750 per share. 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%.

Analyst Ratings Changes

FCX has been the topic of a number of analyst reports. Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Citigroup lifted their target price on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Barclays lifted their target price on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday. Sanford C. Bernstein dropped their target price on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Wednesday, September 9th. Finally, Freedom Broker cut shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. One 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.27.

Key Freeport-McMoRan News

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

• Positive Sentiment: Barclays raises target to $84: Barclays increased its price target for Freeport-McMoRan, signaling greater confidence in the copper producer’s valuation and upside potential. A separate report said the analyst expects FCX shares to rise. Barclays raises target to USD 84.00 Freeport-McMoRan Stock Price Expected to Rise
• Positive Sentiment: Potential earnings beat: Analysts expect FCX’s upcoming earnings report to show growth, with Zacks citing a combination of factors that could support a beat. The company is also expected to announce results shortly, making earnings expectations a likely near-term trading catalyst. Freeport-McMoRan Earnings Expected to Grow Freeport-McMoRan Expected to Announce Earnings
• Neutral Sentiment: Copper versus rare-earth comparison: An investment comparison with MP Materials highlights FCX as a way to gain exposure to copper, a metal central to electricity-grid investment, rather than the higher-growth rare-earth market. The article does not identify a specific new catalyst for FCX. Rare Earths vs. Copper
• Negative Sentiment: Recent market underperformance: FCX declined during the latest reported session even as the broader market gained, indicating continued pressure on the shares despite favorable analyst commentary. Reports also question whether broker recommendations are overly optimistic and compare FCX’s performance with the basic-materials sector. Freeport-McMoRan Stock Sinks As Market Gains Freeport-McMoRan Considered a Good Investment

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie Mikes sold 4,773 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This trade represents a 11.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lydia Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director 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 SEC filing for this sale provides additional information. In the last quarter, insiders sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company’s stock.

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.