Assetmark Inc. Acquires 22,482 Shares of Freeport-McMoRan Inc. $FCX

Assetmark Inc. raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 26.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 107,652 shares of the natural resource company’s stock after buying an additional 22,482 shares during the quarter. Assetmark Inc.’s holdings in Freeport-McMoRan were worth $6,328,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Angeles Wealth Management LLC increased its stake in Freeport-McMoRan by 155.0% in the 1st quarter. Angeles Wealth Management LLC now owns 12,607 shares of the natural resource company’s stock valued at $741,000 after buying an additional 7,664 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. lifted its position in shares of Freeport-McMoRan by 284.8% during the 1st quarter. Financiere des Professionnels Fonds d investissement inc. now owns 166,233 shares of the natural resource company’s stock valued at $9,771,000 after buying an additional 123,032 shares during the last quarter. Bessemer Group Inc. lifted its holdings in Freeport-McMoRan by 58.9% during the first quarter. Bessemer Group Inc. now owns 43,960 shares of the natural resource company’s stock valued at $2,584,000 after purchasing an additional 16,289 shares during the last quarter. Independent Financial Group LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth $3,256,000. Finally, Prosperity Consulting Group LLC grew its holdings in Freeport-McMoRan by 22.8% during the 1st quarter. Prosperity Consulting Group LLC now owns 5,670 shares of the natural resource company’s stock valued at $333,000 after buying an additional 1,053 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: Stifel Nicolaus raised its price target on Freeport-McMoRan from $76 to $80 and kept a buy rating, signaling confidence in further upside for FCX. Article Link
• Positive Sentiment: Analysts have increased their earnings forecast for FCX’s upcoming quarter to about $0.60 per share, suggesting stronger profitability even though revenue is expected to decline year over year due to cost discipline and operational efficiency. Article Link
• Positive Sentiment: Multiple earnings-preview and sector pieces highlighted FCX as a miner with potential to beat Q2 estimates, helped by stronger commodity prices. Article Link
• Positive Sentiment: Coverage around the global AI data center buildout continues to support the long-term copper demand story, with FCX positioned as a key beneficiary if AI infrastructure spending keeps accelerating. Article Link
• Neutral Sentiment: Recent articles also discussed FCX’s “copper turning point” and its attention in the copper market, but these were more thematic than immediately actionable for the stock. Article Link

Freeport-McMoRan Stock Performance

NYSE FCX opened at $62.57 on Wednesday. The business has a 50 day simple moving average of $63.69 and a two-hundred day simple moving average of $62.15. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The stock has a market capitalization of $89.94 billion, a PE ratio of 33.28, a P/E/G ratio of 0.59 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating 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 business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the business earned $0.24 earnings per share. Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FCX shares. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. UBS Group boosted their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Scotiabank lifted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. BMO Capital Markets increased their price objective on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. Finally, Wells Fargo & Company cut 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. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $68.95.

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.