Freeport-McMoRan Inc. $FCX Position Decreased by Sigma Planning Corp

Sigma Planning Corp decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,061 shares of the natural resource company’s stock after selling 14,778 shares during the period. Sigma Planning Corp’s holdings in Freeport-McMoRan were worth $2,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Pinnacle Bancorp Inc. raised its holdings in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after purchasing an additional 147 shares during the period. Richardson Financial Services Inc. grew its holdings in Freeport-McMoRan by 11.6% during the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock valued at $97,000 after purchasing an additional 160 shares during the period. Breakwater Capital Group grew its holdings in Freeport-McMoRan by 1.0% during the third quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock valued at $1,115,000 after purchasing an additional 160 shares during the period. Signature Wealth Management Partners LLC grew its holdings in Freeport-McMoRan by 1.4% during the third quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock valued at $859,000 after purchasing an additional 166 shares during the period. Finally, Fiduciary Financial Group LLC grew its holdings in Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $65.92 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $38.54 and a fifty-two week high of $80.24. The firm’s fifty day moving average is $71.82 and its 200 day moving average is $65.11. The stock has a market cap of $94.66 billion, a price-to-earnings ratio of 32.47 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The firm had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.36 billion. During the same period in the prior year, the company posted $0.50 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 3.05 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed 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. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s payout ratio is presently 14.78%.

More Freeport-McMoRan News

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

• Positive Sentiment: Q3 earnings and revenue exceeded expectations. Freeport-McMoRan reported adjusted earnings of $0.88 per share, above the $0.82 consensus estimate, while revenue increased 8.2% year over year to $7.55 billion, surpassing the $7.36 billion forecast. Net income rose to approximately $1.2 billion from $674 million a year earlier. Freeport-McMoRan Q3 Net Income Rises to $1.2 Billion From $674 Million
• Positive Sentiment: Higher copper and molybdenum prices drove the beat. Copper prices were reported to be roughly 40% above year-ago levels, helping offset weaker sales volumes and supporting revenue, margins and profitability. FCX Q3 Earnings Beat Estimates on Strong Copper Pricing
• Positive Sentiment: Grasberg recovery and copper-supply concerns provide longer-term support. Management discussed continued recovery efforts at Indonesia’s Grasberg operation, while the chairman warned that global demand will require significantly more copper amid tight future supplies. Freeport tops profit estimates on copper rally as Grasberg recovery continues
• Neutral Sentiment: Analyst sentiment improved. Freeport-McMoRan’s consensus price target was reportedly raised by 10.53%, reflecting increased confidence following the earnings beat, though commodity-price assumptions remain influential. Freeport-McMoRan consensus price target raised
• Negative Sentiment: Operational headwinds temper the positive reaction. Production and sales volumes declined at Indonesian operations, costs increased, and gold sales fell sharply. These issues could pressure margins if copper prices retreat or the Grasberg recovery takes longer than expected. Freeport-McMoRan rises after Q3 earnings topper despite lower production and rising costs

Analyst Upgrades and Downgrades

A number of analysts have commented on FCX shares. Stifel Nicolaus upped their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Freedom Broker cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Royal Bank Of Canada boosted their price objective 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. Sanford C. Bernstein reduced their target price on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Wednesday, September 9th. Finally, Citigroup increased their target price on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the stock a “buy” rating in a report on Monday, October 5th. One equities research 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.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $76.27.

Insiders Place Their Bets

In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Ellie Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 110,398 shares of company stock valued at $8,387,271 over the last three months. Insiders own 0.73% of the company’s stock.

About Freeport-McMoRan

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.