Freeport-McMoRan Inc. $FCX Holdings Increased by MBL Wealth LLC

MBL Wealth LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 59.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,023 shares of the natural resource company’s stock after buying an additional 8,188 shares during the quarter. MBL Wealth LLC’s holdings in Freeport-McMoRan were worth $1,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in FCX. Royal Fund Management LLC boosted its position in Freeport-McMoRan by 8.5% during the 3rd quarter. Royal Fund Management LLC now owns 17,942 shares of the natural resource company’s stock worth $1,256,000 after buying an additional 1,400 shares during the period. Brookstone Capital Management grew its holdings in Freeport-McMoRan by 2.1% during the 3rd quarter. Brookstone Capital Management now owns 58,448 shares of the natural resource company’s stock worth $4,091,000 after acquiring an additional 1,181 shares during the last quarter. Legacy Financial Group Inc. bought a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $238,000. NBT Bank N.A. acquired a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $611,000. Finally, Root Financial Partners LLC increased its position in Freeport-McMoRan by 11.4% in the 3rd quarter. Root Financial Partners LLC now owns 8,194 shares of the natural resource company’s stock valued at $574,000 after acquiring an additional 839 shares during the period. Institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director Lydia 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 value of $300,459.78. Following the transaction, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ellie 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 value of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 110,398 shares of company stock valued at $8,387,271. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $64.50 on Friday. Freeport-McMoRan Inc. has a twelve month low of $38.54 and a twelve month high of $80.24. The firm has a fifty day simple moving average of $72.04 and a 200 day simple moving average of $66.91. The company has a market capitalization of $92.62 billion, a PE ratio of 31.77, a P/E/G ratio of 0.63 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.54 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.99 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be given a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Freeport-McMoRan News Summary

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

• Positive Sentiment: Analyst price targets remain above the current market level. HSBC set a $77 target ahead of FCX’s October 27 results, while Barclays raised its target to $84, suggesting analysts see potential upside if copper fundamentals and the company’s operating results support their forecasts. HSBC sets $77 target Barclays raises target
• Positive Sentiment: Copper’s long-term demand outlook remains a potential support. Coverage comparing FCX with rare-earth producer MP Materials highlights copper’s importance to power grids and data-center infrastructure, reinforcing the long-term investment case for Freeport-McMoRan. Rare earths or copper in the data-center boom
• Neutral Sentiment: Third-quarter earnings are the next major catalyst. Investors are reviewing estimates for production, sales volumes, costs and other operating metrics ahead of the October 27 report, making the results and management’s outlook important for determining whether the recent decline reverses. FCX Q3 earnings estimates
• Neutral Sentiment: Increased investor attention may raise volatility. FCX was identified as a trending stock, but the coverage primarily points investors toward evaluating earnings expectations, valuation and copper-market conditions rather than providing a new company-specific development. Why FCX is a trending stock
• Negative Sentiment: Valuation concerns are weighing on the shares. GuruFocus characterized FCX as still overvalued despite an 84/100 GF Score, while the stock’s recent decline indicates investors may be demanding stronger earnings or copper-price support before assigning it a higher valuation. FCX valuation and GF Score

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FCX. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings raised shares of Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Barclays boosted their price objective on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday. Stifel Nicolaus increased their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, UBS Group raised their target price on Freeport-McMoRan from $77.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, October 8th. One investment 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.27.

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.