Thornburg Investment Management Inc. Raises Holdings in Freeport-McMoRan Inc. $FCX

Thornburg Investment Management Inc. increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 16.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,304,828 shares of the natural resource company’s stock after purchasing an additional 468,594 shares during the period. Freeport-McMoRan accounts for about 2.0% of Thornburg Investment Management Inc.’s holdings, making the stock its 13th biggest position. Thornburg Investment Management Inc.’s holdings in Freeport-McMoRan were worth $207,841,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. boosted its position in Freeport-McMoRan by 7.9% during the first 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. Steph & Co. boosted its holdings in Freeport-McMoRan by 43.7% in the 1st 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 period. Richardson Financial Services Inc. boosted its holdings in Freeport-McMoRan by 11.6% in the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after buying an additional 160 shares during the period. Essex Bank grew its stake in Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after buying an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC grew its stake in Freeport-McMoRan by 2.6% in the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after buying an additional 173 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Down 2.4%

FCX opened at $76.54 on Friday. The firm has a market capitalization of $109.91 billion, a P/E ratio of 37.70, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24. The company has a fifty day moving average price of $65.46 and a 200-day moving average price of $64.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FCX shares. Wells Fargo & Company increased their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Morgan Stanley lifted their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. UBS Group boosted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Key Stories 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 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.