16,994 Freeport-McMoRan Inc. $FCX Shares Purchased by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2,116.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,797 shares of the natural resource company’s stock after purchasing an additional 16,994 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $1,246,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Lyell Wealth Management LP increased its holdings in shares of Freeport-McMoRan by 10.7% during the 3rd quarter. Lyell Wealth Management LP now owns 182,506 shares of the natural resource company’s stock valued at $12,775,000 after purchasing an additional 17,708 shares in the last quarter. Putney Financial Group LLC boosted its holdings in Freeport-McMoRan by 1.9% during the third quarter. Putney Financial Group LLC now owns 12,047 shares of the natural resource company’s stock worth $843,000 after buying an additional 219 shares in the last quarter. Integrity Alliance LLC. boosted its holdings in Freeport-McMoRan by 8.7% during the third quarter. Integrity Alliance LLC. now owns 19,635 shares of the natural resource company’s stock worth $1,374,000 after buying an additional 1,573 shares in the last quarter. Stiles Financial Services Inc grew its position in Freeport-McMoRan by 22.1% during the third quarter. Stiles Financial Services Inc now owns 7,705 shares of the natural resource company’s stock valued at $539,000 after buying an additional 1,397 shares during the period. Finally, IPG Investment Advisors LLC acquired a new stake in Freeport-McMoRan during the third quarter valued at $1,596,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.63 on Thursday. The company’s 50-day moving average price is $70.65 and its 200-day moving average price is $65.28. The company has a current ratio of 2.02, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The company has a market cap of $89.94 billion, a P/E ratio of 26.31, a P/E/G ratio of 0.57 and a beta of 1.38. Freeport-McMoRan Inc. has a twelve month low of $38.54 and a twelve month high of $80.24.

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. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.36 billion. During the same period in the previous year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were issued a $0.0750 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 12.61%.

Trending Headlines about Freeport-McMoRan

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

• Positive Sentiment: Freeport expects 2027 copper sales volumes to grow more than 20%. It also reported that new leaching additives achieved lab recoveries more than four times initial results, offering a potential boost to production efficiency. Article: Freeport-McMoRan: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: The board approved a $4.5 billion expansion and modernization program at the Bagdad operation in Arizona, aimed at increasing copper and molybdenum production. This could support longer-term U.S. output growth. Article: Freeport Announces Plans to Boost U.S. Copper & Molybdenum Production
• Positive Sentiment: An analyst commentary said the Grasberg recovery remains on schedule and cited solid mine cash flows; it also expects delayed Indonesian gold sales to reverse in the fourth quarter. These factors support the recovery outlook, though the commentary noted reduced copper sales and higher capital spending. Article: Freeport-McMoRan: Grasberg Remains On Schedule, And I Remain At Buy
• Neutral Sentiment: A Zacks analysis described FCX as technically oversold after a 14.9% decline over four weeks, while noting analysts’ earnings estimate revisions have been upward. That may indicate selling pressure is easing, but does not ensure a near-term rebound. Article: Down 14.9% in 4 Weeks, Here’s Why You Should You Buy the Dip in Freeport-McMoRan
• Negative Sentiment: The $4.5 billion Bagdad project entails significant upfront capital spending, which could weigh on cash flow as Freeport pursues future production growth.
• Negative Sentiment: Freedom Broker lowered its expectations for FCX’s stock price, a counterpoint to the more constructive analyst outlook. Article: Freedom Broker Has Lowered Expectations for Freeport-McMoRan Stock Price

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of analyst reports. Freedom Broker decreased their price objective on shares of Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating for the company in a research report on Monday. Weiss Ratings cut Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 30th. UBS Group cut their price target on Freeport-McMoRan from $88.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Barclays upped their price target on Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, October 19th. Finally, BMO Capital Markets increased their price target on Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.30.

Insider Buying and Selling

In related news, Director Lydia H. Kennard sold 3,798 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president directly owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their position. The SEC filing for this sale provides additional information. 0.73% of the stock is owned by 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.