Freeport-McMoRan Inc. $FCX Shares Sold by Massachusetts Wealth Management

Massachusetts Wealth Management reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 26.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,850 shares of the natural resource company’s stock after selling 13,650 shares during the period. Massachusetts Wealth Management’s holdings in Freeport-McMoRan were worth $2,720,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Fifth Third Bancorp grew its holdings in Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock worth $62,478,000 after acquiring an additional 272,726 shares during the period. Iowa State Bank raised its position in Freeport-McMoRan by 50.7% in the third quarter. Iowa State Bank now owns 50,144 shares of the natural resource company’s stock worth $3,510,000 after acquiring an additional 16,868 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Freeport-McMoRan by 4.6% in the second quarter. The Manufacturers Life Insurance Company now owns 2,687,524 shares of the natural resource company’s stock worth $169,018,000 after acquiring an additional 117,888 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Freeport-McMoRan by 1.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company’s stock valued at $627,068,000 after acquiring an additional 141,738 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Freeport-McMoRan by 17.1% in the 2nd quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company’s stock valued at $78,604,000 after acquiring an additional 182,714 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Trending Headlines about Freeport-McMoRan

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

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. Bank of America raised their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Barclays boosted their target price on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday. Freedom Broker lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Sanford C. Bernstein reduced 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 report on Wednesday, September 9th. One equities research 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. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $76.27.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $68.85 on Thursday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $98.87 billion, a price-to-earnings ratio of 33.91, a PEG ratio of 0.64 and a beta of 1.39. The stock’s fifty day simple moving average is $72.09 and its 200 day simple moving average is $66.89. Freeport-McMoRan Inc. has a 52-week low of $38.54 and a 52-week high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its 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. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.95 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a $0.0750 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Insider Buying and Selling

In other Freeport-McMoRan news, Director Lydia H. Kennard sold 3,798 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 110,398 shares of company stock worth $8,387,271. Company insiders own 0.73% of the company’s stock.

Freeport-McMoRan Company 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.