Levin Capital Strategies L.P. Takes Position in Freeport-McMoRan Inc. $FCX

Levin Capital Strategies L.P. purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 117,168 shares of the natural resource company’s stock, valued at approximately $6,887,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. grew its stake in shares of Freeport-McMoRan by 7.9% during the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after buying an additional 147 shares during the last quarter. Steph & Co. increased its holdings in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares in the last quarter. Essex Bank lifted its stake in shares of Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after acquiring an additional 163 shares during the last quarter. Leo Wealth LLC lifted its stake in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after acquiring an additional 170 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. lifted its stake in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after acquiring an additional 175 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $64.83 on Thursday. The company has a market capitalization of $93.20 billion, a PE ratio of 34.49, a P/E/G ratio of 0.63 and a beta of 1.37. The company has a 50 day simple moving average of $63.64 and a two-hundred day simple moving average of $62.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 EPS. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Key Stories Impacting Freeport-McMoRan

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

• Positive Sentiment: Stifel Nicolaus raised its price target on FCX to $80 from $76 and kept a buy rating, signaling confidence in further upside for the copper miner. Analyst rating update
• Positive Sentiment: Analysts have been lifting earnings estimates ahead of FCX’s Q2 report, with forecasts calling for higher profit even as revenue is expected to decline, suggesting strong cost control and operating efficiency. Earnings forecast article
• Positive Sentiment: Several previews say FCX could be one of the mining names most likely to beat Q2 earnings estimates, helped by stronger commodity pricing. Mining stocks preview
• Positive Sentiment: Longer-term demand themes remain constructive, with AI data-center buildout expected to boost copper consumption and benefit major miners like FCX. AI copper demand article
• Neutral Sentiment: Investors are waiting for FCX’s Q2 earnings release, with market focus on whether copper price support can offset softer volumes and higher costs. Earnings preview
• Negative Sentiment: Copper prices dropped sharply intraday, which could weigh on FCX because the company’s earnings are highly sensitive to copper pricing. Copper price drop article

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. Sanford C. Bernstein boosted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Raymond James Financial lowered their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. BMO Capital Markets lifted their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $68.95.

Freeport-McMoRan 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.