Freeport-McMoran
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: 641 | Existing positions reduced: 538
0% more capital invested
Capital invested by funds: $59.1B [Q2] → $59.3B (+$192M) [Q3]
0% less funds holding
Funds holding: 1,499 [Q2] → 1,497 (-2) [Q3]
1% less first-time investments, than exits
New positions opened: 144 | Existing positions closed: 146
1.8% less ownership
Funds ownership: 84.69% [Q2] → 82.9% (-1.8%) [Q3]
13% less funds holding in top 10
Funds holding in top 10: 31 [Q2] → 27 (-4) [Q3]
Research analyst outlook
7 Wall Street Analysts provided 1 year price targets over the past 3 months
7 analyst ratings
Scotiabank Orest Wowkodaw 8% 1-year accuracy 1 / 12 met price target | 25%upside $52 | Sector Perform Maintained | 23 Oct 2024 |
Raymond James Brian MacArthur 29% 1-year accuracy 4 / 14 met price target | 37%upside $57 | Outperform Maintained | 23 Oct 2024 |
JP Morgan Bill Peterson 40% 1-year accuracy 10 / 25 met price target | 32%upside $55 | Neutral Maintained | 15 Oct 2024 |
Scotiabank Orest Wowkodaw 8% 1-year accuracy 1 / 12 met price target | 27%upside $53 | Sector Perform Maintained | 8 Oct 2024 |
Scotiabank Orest Wowkodaw 8% 1-year accuracy 1 / 12 met price target | 25%upside $52 | Sector Perform Downgraded | 30 Sept 2024 |
Financial journalist opinion
Based on 10 articles about FCX published over the past 30 days
