72,604 Freeport-McMoRan Inc. $FCX Shares Sold by Foster Victor Wealth Advisors LLC

Foster Victor Wealth Advisors LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.0% in the 3rd quarter, Holdings Channel reports. The fund owned 230,475 shares of the natural resource company’s stock after selling 72,604 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $16,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. increased its holdings in Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after buying an additional 147 shares in the last quarter. Steph & Co. boosted its stake in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Richardson Financial Services Inc. boosted its stake in shares of Freeport-McMoRan by 11.6% during the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after acquiring an additional 160 shares in the last quarter. Breakwater Capital Group boosted its stake in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock worth $1,115,000 after acquiring an additional 160 shares in the last quarter. Finally, Signature Wealth Management Partners LLC grew its position in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock valued at $859,000 after acquiring an additional 166 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was 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 of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 110,398 shares of company stock worth $8,387,271 over the last three months. 0.73% of the stock is owned by insiders.

Freeport-McMoRan Stock Down 0.0%

FCX opened at $68.85 on Thursday. The company has a market cap of $98.87 billion, a PE ratio of 33.91, a price-to-earnings-growth ratio of 0.64 and a beta of 1.39. Freeport-McMoRan Inc. has a twelve month low of $38.54 and a twelve month high of $80.24. The company has a 50-day moving average price of $72.09 and a 200 day moving average price of $66.89. 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 posted its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the previous year, the firm posted $0.54 EPS. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.95 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be issued a dividend of $0.0750 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Key Stories Impacting Freeport-McMoRan

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

• Positive Sentiment: Barclays raises target to $84: Barclays increased its price target for Freeport-McMoRan, signaling greater confidence in the copper producer’s valuation and upside potential. A separate report said the analyst expects FCX shares to rise. Barclays raises target to USD 84.00 Freeport-McMoRan Stock Price Expected to Rise
• Positive Sentiment: Potential earnings beat: Analysts expect FCX’s upcoming earnings report to show growth, with Zacks citing a combination of factors that could support a beat. The company is also expected to announce results shortly, making earnings expectations a likely near-term trading catalyst. Freeport-McMoRan Earnings Expected to Grow Freeport-McMoRan Expected to Announce Earnings
• Neutral Sentiment: Copper versus rare-earth comparison: An investment comparison with MP Materials highlights FCX as a way to gain exposure to copper, a metal central to electricity-grid investment, rather than the higher-growth rare-earth market. The article does not identify a specific new catalyst for FCX. Rare Earths vs. Copper
• Negative Sentiment: Recent market underperformance: FCX declined during the latest reported session even as the broader market gained, indicating continued pressure on the shares despite favorable analyst commentary. Reports also question whether broker recommendations are overly optimistic and compare FCX’s performance with the basic-materials sector. Freeport-McMoRan Stock Sinks As Market Gains Freeport-McMoRan Considered a Good Investment

Analyst Ratings Changes

Several brokerages recently weighed in on FCX. Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $73.00 to $85.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. Erste Group Bank initiated coverage on Freeport-McMoRan in a research report on Thursday, August 27th. They set a “buy” rating on the stock. Barclays raised their price objective on Freeport-McMoRan from $83.00 to $84.00 and gave the company an “overweight” rating in a report on Monday. Stifel Nicolaus boosted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, UBS Group upped their target price on Freeport-McMoRan from $77.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, October 8th. One research 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 company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $76.27.

Freeport-McMoRan Company 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.