Flputnam Investment Management Co. Reduces Position in Freeport-McMoRan Inc. $FCX

Flputnam Investment Management Co. trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 150,592 shares of the natural resource company’s stock after selling 10,055 shares during the quarter. Flputnam Investment Management Co.’s holdings in Freeport-McMoRan were worth $9,471,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction on Tuesday, August 25th. The stock was 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 trade represents a 27.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 110,398 shares of company stock worth $8,387,271 over the last quarter. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FCX shares. Wells Fargo & Company upped their price target on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a research note on Thursday. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Freeport-McMoRan Trading Down 2.4%

NYSE:FCX opened at $76.54 on Friday. The firm has a 50-day simple moving average of $65.46 and a 200-day simple moving average of $64.02. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24. The firm has a market cap of $109.91 billion, a P/E ratio of 37.70, a P/E/G ratio of 0.76 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.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Key Headlines Impacting Freeport-McMoRan

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

Freeport-McMoRan Company 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.