January 30, 2023

Ieq Capital LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 371.3% in the third quarter, according to the company in its recent Form 13F filing with the Securities and Exchange Commission (SEC ). . The company owned 59,656 shares of the natural resource company’s shares after purchasing an additional 46,997 shares during the quarter. Ieq Capital LLC’s holdings in Freeport-McMoRan were valued at $1,630,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have recently added to or reduced their holdings in the stock. The Public Investment Fund acquired a new holding in Freeport-McMoRan stock valued at approximately $377,321,000 during the second quarter. Amundi increased its stake in Freeport-McMoRan by 233.8% in the second quarter. Amundi now owns 10,779,807 shares of the resource company, valued at $270,468,000, after purchasing an additional 7,550,525 shares last quarter. Barclays PLC increased its stake in Freeport-McMoRan by 100.7% in the third quarter. Barclays PLC now owns 4,765,092 shares of the resource company’s stock valued at $130,229,000 after purchasing an additional 2,391,131 shares last quarter. Clearbridge Investments LLC increased its stake in Freeport-McMoRan by 25.3% in the second quarter. Clearbridge Investments LLC now owns 11,827,474 shares of the resource company’s stock valued at $346,072,000 after purchasing an additional 2,385,605 shares last quarter. Finally, Renaissance Technologies LLC increased its stake in Freeport-McMoRan by 3,864.9% during the second quarter. Renaissance Technologies LLC now owns 1,280,671 shares of the resource company’s stock valued at $37,472,000 after purchasing an additional 1,248,371 shares last quarter. 77.12% of the shares are owned by institutional investors.

Insider activity at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction that took place on Friday, December 2nd. The stock sold at an average price of $40.25 for a total value of $3,018,750.00. Following the sale, the Vice President now directly owns 136,432 shares of the company, valued at $5,491,388. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed at this hyperlink. 0.72% of the shares are currently owned by company insiders.

Changes in analyst ratings

A number of research analysts have recently commented on FCX ​​stocks. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c” rating in a research note on Thursday, October 20. Goldman Sachs Group lowered its price target on Freeport-McMoRan to $39.00 from $45.00 and issued a research note with a “buy” rating on Thursday, October 13th. StockNews.com assumed coverage of Freeport-McMoRan in a research note on Wednesday, October 12. They give the company a “hold” rating. Deutsche Bank Aktiengesellschaft raised its target price on Freeport-McMoRan from $35.00 to $40.00 in a research note on Tuesday, January 10th. Finally, Citigroup raised its price target on Freeport-McMoRan to $44.00 from $29.00 in a research note on Wednesday, January 11. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of Hold and an average target price of $39.73.

Freeport McMoRan Share Performance

NYSE:FCX opened at $44.59 on Wednesday. The stock has a market cap of $63.73 billion, a P/E of 16.95, and a beta of 1.97. The company has a current ratio of 2.56, a quick ratio of 1.76 and a debt to equity ratio of 0.40. The stock’s 50-day moving average is $39.84 and its 200-day moving average is $33.60. Freeport-McMoRan Inc. has a 1 year low of $24.80 and a 1 year high of $51.99.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Friday, January 13 will receive a dividend of $0.15. That equates to an annualized dividend of $0.60 and a yield of 1.35%. The ex-dividend date is Thursday 12th January. Freeport-McMoRan’s payout ratio is currently 11.41%.

About Freeport McMoRan

(received rating)

Freeport-McMoRan Inc is engaged in mining mineral properties in North America, South America and Indonesia. The Company explores primarily for copper, gold, molybdenum, silver and other metals, as well as oil and gas. Its assets include the Grasberg mineral district in Indonesia; Morenci, Baghdad, Safford, Sierrita and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, and Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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