Freeport-McMoRan Inc. $FCX Shares Sold by Corecam AG

Corecam AG trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 58.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 34,610 shares of the natural resource company’s stock after selling 48,810 shares during the quarter. Freeport-McMoRan makes up about 1.7% of Corecam AG’s investment portfolio, making the stock its 18th largest holding. Corecam AG’s holdings in Freeport-McMoRan were worth $2,034,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Steph & Co. lifted its position in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. SHP Wealth Management bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $30,000. Finally, MV Capital Management Inc. acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. The Goldman Sachs Group raised their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Sanford C. Bernstein upped their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, BMO Capital Markets raised their price objective on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.27.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $62.79 on Friday. The business’s 50-day moving average price is $64.73 and its 200 day moving average price is $60.70. The firm has a market cap of $90.26 billion, a P/E ratio of 33.40, a PEG ratio of 0.75 and a beta of 1.35. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the business earned $0.24 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and kept an outperform rating, signaling more upside potential for the stock. BMO Capital adjusts price target on Freeport-McMoRan
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, which includes both a base dividend and a variable dividend, reinforcing shareholder returns and reflecting confidence in cash generation. Freeport declares quarterly cash dividends
• Positive Sentiment: FCX has been showing relative strength versus the broader market, with recent trading action indicating the stock has been rising while the market has dipped. FCX gains as market dips
• Neutral Sentiment: Freeport-McMoRan is also being highlighted as one of the most watched stocks on Zacks, suggesting elevated investor interest, but not necessarily a direct fundamental catalyst. FCX is attracting investor attention
• Neutral Sentiment: Some market commentary says FCX underperformed competitors on Tuesday, which may point to normal trading rotation rather than a major negative company event. Freeport-McMoRan stock underperforms Tuesday when compared to competitors

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.