The Manufacturers Life Insurance Company boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 4.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,687,524 shares of the natural resource company’s stock after purchasing an additional 117,888 shares during the period. The Manufacturers Life Insurance Company owned about 0.19% of Freeport-McMoRan worth $169,018,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its stake in shares of Freeport-McMoRan by 34.5% in the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after buying an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth $8,857,000. Franklin Resources Inc. lifted its stake in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Freeport-McMoRan by 205.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after acquiring an additional 213,477 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Freeport-McMoRan by 1.4% in the second 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. 80.77% of the stock is owned by institutional investors.
Insider Activity
In other news, CAO Ellie Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lydia Kennard sold 3,798 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This trade represents a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is owned by company insiders.
Freeport-McMoRan Trading Down 6.7%
NYSE:FCX opened at $71.15 on Friday. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. The firm has a market capitalization of $102.18 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 0.75 and a beta of 1.41. The business’s 50-day moving average price is $67.41 and its two-hundred day moving average price is $64.70.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a $0.075 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on FCX. Sanford C. Bernstein lowered their price objective on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday. Erste Group Bank began coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They set a “buy” rating for the company. HSBC lifted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.75.
Check Out Our Latest Stock Analysis on Freeport-McMoRan
Freeport-McMoRan News Summary
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Longer term, Freeport-McMoRan remains positioned to benefit from strong copper demand tied to artificial-intelligence data centers, power-grid upgrades and renewable-energy infrastructure. Copper supply is also constrained by declining mine output, operational disruptions and smelter bottlenecks. Copper’s Record Rally Highlights a Deeper Supply Problem
- Positive Sentiment: Recent earnings demonstrated operating leverage: FCX reported quarterly earnings of $0.74 per share versus the $0.62 consensus estimate, while revenue also exceeded expectations. Analysts’ average rating remains Moderate Buy, with some price targets above the current trading level. Freeport-McMoRan earnings report
- Neutral Sentiment: Investors remain focused on whether the structural copper shortage can outweigh near-term demand weakness. Elevated prices have caused some buyers, particularly in China, to delay purchases, while copper inventories and trade flows remain sensitive to policy developments. Copper miners and oil market article
- Negative Sentiment: Uncertainty surrounding White House plans for copper tariffs triggered a broad pullback in copper-related equities, reversing part of the metal’s recent record rally. Rising Treasury yields, a stronger dollar and pressure across precious and industrial metals added to the selling. Freeport-McMoRan Stock Drops on Copper Tariff Uncertainty
About Freeport-McMoRan
Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.
Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.
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