Freeport-McMoran (FCX)

• Market cap: $55.8B
• 1 day: 1.62%
• 5 days: -5.89%
• 1 month: -11.08%
• 3 months: -12.73%
• 6 months: -21.27%
• Year to date: -7.67%
• 1 year: -6.00%
• 5 years: 205.74%
• 10 years: 72.33%
• Sector: Materials
• Industry: Metal Mining

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 2023, 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. About 75% of 2023 revenue was from copper, with a further 15% from gold and about 10% from molybdenum. It had about 25 years of copper reserves at end December 2023. we expect it to sell similar amounts of copper midcycle in 2028, though we expect gold volumes to decline to about 700,000 ounces then due to falling production at Grasberg.

Employees: 27,200

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

42% more call options, than puts

Call options by funds: $3.19B | Put options by funds: $2.24B

19% more repeat investments, than reductions

Existing positions increased: 642 | Existing positions reduced: 538

0% more capital invested

Capital invested by funds: $59.1B [Q2] → $59.3B (+$196M) [Q3]

0% less funds holding

Funds holding: 1,499 [Q2] → 1,498 (-1) [Q3]

1% less first-time investments, than exits

New positions opened: 144 | Existing positions closed: 145

1.79% less ownership

Funds ownership: 84.69% [Q2] → 82.9% (-1.79%) [Q3]

13% less funds holding in top 10

Funds holding in top 10: 31 [Q2] → 27 (-4) [Q3]

Research analyst outlook

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

• Low target: $52 34% upside
• Avg. target: $55 41% upside
• High target: $57 47% upside

3 analyst ratings

• positive: 1 33%
• neutral: 2 67%
• negative: 0 0%

Scotiabank Orest Wowkodaw 8% 1-year accuracy 1 / 12 met price target	34% upside $52	Sector Perform Maintained	23 Oct 2024
Raymond James Brian MacArthur 14% 1-year accuracy 2 / 14 met price target	47% upside $57	Outperform Maintained	23 Oct 2024
JP Morgan Bill Peterson 38% 1-year accuracy 10 / 26 met price target	42% upside $55	Neutral Maintained	15 Oct 2024