The Vanguard Group, Inc. recently announced the acquisition of new stake in Freeport-McMoRan Inc (NYSE:FCX). The institutional investor has increased its shareholding in the Basic Materials company by 0.22% to 113.7 million shares with purchase of 0.25 million shares. This fresh investment now brings its stake to 7.93% valued currently at $4.84 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.3 million to 62.52 million shares. And Geode Capital Management LLC has lifted its position by 1.78% or 0.46 million shares – to 26.44 million shares.
Currently, there are 1.43B common shares owned by the public and among those 1.41B shares have been available to trade.
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Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 1,730,090 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 677,699 shares.
The top 3 mutual fund holders in Freeport-McMoRan Inc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and American Funds Growth Fund of Ame. Vanguard Total Stock Market ETF owns 45.08 million shares of the company’s stock, all valued at over $1.92 billion. The company bought an additional 0.15 million shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 69793.0 shares to see its total holdings expand to 35.01 million shares valued at over $1.49 billion and representing 2.44% of the shares outstanding. American Funds Growth Fund of Ame sold -0.14 million shares to bring its total holdings to over 17.93 million shares at a value of $763.36 million. American Funds Growth Fund of Ame now owns shares totaling to 1.25% of the shares outstanding.
The company’s stock has a 5-day price change of -5.51% and 9.07% over the past three months. FCX shares are trading -8.76% year to date (YTD), with the 12-month market performance down to -11.06% lower. It has a 12-month low price of $32.77 and touched a high of $46.38 over the same period. FCX has an average intraday trading volume of 11.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.30%, 0.40%, and 0.87% respectively.
Institutional ownership of Freeport-McMoRan Inc (NYSE: FCX) shares accounts for 78.69% of the company’s 1.43B shares outstanding. Mutual fund holders own 34.78%, while other institutional holders and individual stakeholders account for 44.49% and 1.70% respectively.
It has a market capitalization of $55.60B and a beta (3y monthly) value of 2.07. The stock’s trailing 12-month PE ratio is 26.11, while the earnings-per-share (ttm) stands at $1.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.56% over the week and 1.98% over the month.
Analysts forecast that Freeport-McMoRan Inc (FCX) will achieve an EPS of $0.23 for the current quarter, $0.38 for the next quarter and $1.79 for 2024. The lowest estimate earnings-per-share for the quarter is $0.17 while analysts give the company a high EPS estimate of $0.32. Comparatively, EPS for the current quarter was $0.52 a year ago. Earnings per share for the fiscal year are expected to decrease by -38.97%, and 21.60% over the next financial year. EPS should shrink at an annualized rate of -0.92% over the next five years, compared to 14.58% over the past 5-year period.
Looking at the support for the FCX, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on January 16, 2024, with the firm’s price target at $41.
