Van ECK Associates Corp Decreases Position in Freeport-McMoRan Inc. $FCX

Van ECK Associates Corp trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,709,612 shares of the natural resource company’s stock after selling 195,662 shares during the period. Van ECK Associates Corp owned approximately 0.12% of Freeport-McMoRan worth $107,517,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCX. Steph & Co. lifted its position in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan during the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the fourth quarter valued at $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $29,000. Finally, Financial Life Planners purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at $34,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s 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 transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. The trade was a 3.00% 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 over the last 90 days. 0.73% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $76.54 on Friday. The firm’s 50 day simple moving average is $65.46 and its 200-day simple moving average is $64.02. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24. The firm has a market cap of $109.91 billion, a PE ratio of 37.70, a price-to-earnings-growth ratio of 0.78 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. The Goldman Sachs Group dropped their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Jefferies Financial Group upped their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Sanford C. Bernstein increased their price target on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $70.27.

Key Headlines Impacting Freeport-McMoRan

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

• Positive Sentiment: Recent performance data shows strong momentum, with FCX gaining significantly over the past month, quarter, and year. Zacks also identifies the stock as a strong momentum name, which may continue attracting trend-focused investors. Freeport McMoRan On Smelter Optimism And Whether The Stock Is Already Priced In Here’s Why Freeport-McMoRan Is a Strong Momentum Stock
• Positive Sentiment: Optimism surrounding Freeport-McMoRan’s smelter operations and favorable copper prices supports the company’s growth outlook. A new Erste Group Bank coverage initiation with a “buy” rating also adds positive analyst sentiment. Erste Group Bank coverage
• Positive Sentiment: FCX recently exceeded quarterly earnings and revenue expectations, reporting $0.74 in earnings per share versus a $0.62 consensus estimate and revenue of $7.03 billion versus $6.62 billion expected. Analysts broadly maintain a “Moderate Buy” view, although the average published price target is below the current trading range.
• Neutral Sentiment: Analysts comparing FCX with BHP Group point to strong copper prices, healthy finances, and ongoing growth projects at both miners. The comparison supports the sector outlook but does not provide a clear company-specific catalyst. FCX versus BHP
• Negative Sentiment: Valuation concerns are weighing on the stock after its copper-fueled rally. While a discounted-cash-flow analysis suggests potential upside, market-multiple measures indicate FCX may be expensive following its strong run. Freeport-McMoRan Stock May Be Pricey After Record Copper Rally
• Negative Sentiment: Executive Vice President Douglas Currault II sold 80,000 shares worth approximately $6.3 million, reducing his holdings by 27.5%. Although the sale may be personal or scheduled, it can reinforce profit-taking concerns when the stock is near record levels. Freeport-McMoRan Insider Selling

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.