Freeport-McMoran (FCX)

• Market cap: $47.3B
• 1 day: -1.26%
• 5 days: 3.07%
• 1 month: -16.73%
• 3 months: -18.20%
• 6 months: -31.39%
• Year to date: -13.15%
• 1 year: -33.96%
• 5 years: 294.48%
• 10 years: 59.17%
• Sector: Materials
• Industry: Copper

About: Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.2 million metric tons of copper (its share) in 2024, making it the one of the world's largest copper miners by volume. It also sold about 900,000 ounces of gold, mostly from Grasberg, and 70 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2024. We expect it to sell similar amounts of copper midcycle in 2029, though we expect gold volumes to decline to about 700,000 ounces then due to falling production at Grasberg.

Employees: 28,500

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

8% more repeat investments, than reductions

Existing positions increased: 572 | Existing positions reduced: 532

6% more call options, than puts

Call options by funds: $2.03B | Put options by funds: $1.92B

0.92% more ownership

Funds ownership: 82.84% [Q3] → 83.76% (+0.92%) [Q4]

4% less funds holding

Funds holding: 1,507 [Q3] → 1,451 (-56) [Q4]

13% less first-time investments, than exits

New positions opened: 178 | Existing positions closed: 205

21% less capital invested

Capital invested by funds: $59.3B [Q3] → $46.6B (-$12.7B) [Q4]

46% less funds holding in top 10

Funds holding in top 10: 28 [Q3] → 15 (-13) [Q4]

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $39 19% upside
• Avg. target: $45 38% upside
• High target: $51 55% upside

8 analyst ratings

• positive: 7 88%
• neutral: 1 13%
• negative: 0 0%

Wolfe Research Timna Tanners 50% 1-year accuracy 3 / 6 met price target	19% upside $39	Outperform Upgraded	16 Apr 2025
UBS Daniel Major 87% 1-year accuracy 13 / 15 met price target	37% upside $45	Buy Maintained	15 Apr 2025
JP Morgan Bill Peterson 42% 1-year accuracy 16 / 38 met price target	28% upside $42	Overweight Maintained	10 Apr 2025
Scotiabank Orest Wowkodaw 42% 1-year accuracy 5 / 12 met price target	22% upside $40	Sector Perform Maintained	7 Apr 2025
Raymond James Brian MacArthur 72% 1-year accuracy 13 / 18 met price target	55% upside $51	Outperform Maintained	4 Apr 2025