M&T Bank Corp lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 74.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 19,091 shares of the natural resource company’s stock after selling 56,470 shares during the period. M&T Bank Corp’s holdings in Freeport-McMoRan were worth $970,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 128,760,188 shares of the natural resource company’s stock valued at $5,049,975,000 after purchasing an additional 1,776,241 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 1.4% during the 3rd quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after acquiring an additional 899,699 shares in the last quarter. State Street Corp lifted its stake in Freeport-McMoRan by 1.1% during the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after acquiring an additional 690,736 shares in the last quarter. Wellington Management Group LLP lifted its stake in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock worth $849,945,000 after acquiring an additional 435,963 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.
Key Stories Impacting Freeport-McMoRan
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: Long?term demand narrative brightens FGX’s outlook — coverage links rising copper demand to tech and satellite infrastructure (SpaceX/constellation buildouts), which supports a multi?year view for copper producers like Freeport. Freeport-McMoRan Links Copper Mining To Tech And Satellite Growth
- Positive Sentiment: Fundamentals and analyst expectations remain supportive — Freeport recently beat Q1 revenue and EPS estimates and still benefits from solid balance?sheet metrics and favourable long?run copper fundamentals. This helps offset headline risk. FCX price & fundamentals (MarketBeat)
- Neutral Sentiment: Retail and investor interest is elevated — search and attention metrics (Zacks/other sites) show investors are actively researching FCX, which can amplify moves in either direction. Investors Heavily Search Freeport-McMoRan Inc. (FCX): Here is What You Need to Know
- Neutral Sentiment: Sector drill results (other juniors) add context but are not material to Freeport’s near?term outlook. C3 Metals drilling release
- Negative Sentiment: Operational risk: Grasberg block?cave slowdown and mine delays are the main near?term drag — multiple outlets report production setbacks in Indonesia that could reduce near?term output and revenue. Is Freeport-McMoRan Inc (FCX) at Risk Amid Grasberg Block Cave In Indonesia Slowdown?
- Negative Sentiment: Analyst downgrade: Morgan Stanley cut FCX to Equalweight and trimmed its price target citing the longer?term implications of the Grasberg issues — this raises short?term selling pressure and headline risk. Is Freeport-McMoRan Inc (FCX) at Risk Amid Grasberg Block Cave In Indonesia Slowdown?
- Negative Sentiment: Market reaction: headlines on the mine delay have driven intraday selling in recent sessions; short?term volatility should be expected while operational clarity is lacking. Freeport tanks again on mine delay: long term outlook stays strong
Freeport-McMoRan Price Performance
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the business posted $0.24 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.
Insider Activity
In related news, EVP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the sale, the executive vice president directly owned 219,181 shares in the company, valued at approximately $14,141,558.12. This represents a 25.49% 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, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the sale, the chief financial officer owned 79,894 shares in the company, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Several research firms recently issued reports on FCX. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Raymond James Financial decreased their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Bank of America increased their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. UBS Group increased their target price on Freeport-McMoRan from $66.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Finally, Citigroup increased their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.19.
View Our Latest Analysis on Freeport-McMoRan
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.
Further Reading
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