Freeport-McMoRan Inc. $FCX Stock Holdings Raised by MBL Wealth LLC

MBL Wealth LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 59.2% in the third quarter, HoldingsChannel reports. The firm owned 22,023 shares of the natural resource company’s stock after buying an additional 8,188 shares during the period. MBL Wealth LLC’s holdings in Freeport-McMoRan were worth $1,542,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. NBH Bank bought a new stake in Freeport-McMoRan in the 2nd quarter valued at about $28,000. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $29,000. Financial Life Planners bought a new position in Freeport-McMoRan in the first quarter worth approximately $34,000. Roxbury Financial LLC boosted its holdings in Freeport-McMoRan by 196.5% in the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 393 shares in the last quarter. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent research reports. The Goldman Sachs Group restated a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Weiss Ratings raised Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. BMO Capital Markets increased their target price on Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. Freedom Broker downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.27.

Freeport-McMoRan Stock Down 6.4%

Shares of NYSE:FCX opened at $64.50 on Friday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market cap of $92.62 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 0.63 and a beta of 1.39. The business’s 50 day moving average is $72.04 and its 200 day moving average is $66.91. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates 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 business posted $0.54 EPS. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.99 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be given a $0.0750 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 14.78%.

Key Freeport-McMoRan News

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

• Positive Sentiment: Analyst price targets remain above the current market level. HSBC set a $77 target ahead of FCX’s October 27 results, while Barclays raised its target to $84, suggesting analysts see potential upside if copper fundamentals and the company’s operating results support their forecasts. HSBC sets $77 target Barclays raises target
• Positive Sentiment: Copper’s long-term demand outlook remains a potential support. Coverage comparing FCX with rare-earth producer MP Materials highlights copper’s importance to power grids and data-center infrastructure, reinforcing the long-term investment case for Freeport-McMoRan. Rare earths or copper in the data-center boom
• Neutral Sentiment: Third-quarter earnings are the next major catalyst. Investors are reviewing estimates for production, sales volumes, costs and other operating metrics ahead of the October 27 report, making the results and management’s outlook important for determining whether the recent decline reverses. FCX Q3 earnings estimates
• Neutral Sentiment: Increased investor attention may raise volatility. FCX was identified as a trending stock, but the coverage primarily points investors toward evaluating earnings expectations, valuation and copper-market conditions rather than providing a new company-specific development. Why FCX is a trending stock
• Negative Sentiment: Valuation concerns are weighing on the shares. GuruFocus characterized FCX as still overvalued despite an 84/100 GF Score, while the stock’s recent decline indicates investors may be demanding stronger earnings or copper-price support before assigning it a higher valuation. FCX valuation and GF Score

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Douglas N. Currault II sold 80,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 110,398 shares of company stock valued at $8,387,271 in the last ninety days. 0.73% of the stock is owned by company insiders.

Freeport-McMoRan 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.