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 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 650,000 ounces then due to falling production at Grasberg.
Employees: 28,500
Fund manager confidence
Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)
71% more first-time investments, than exits
New positions opened: 195 | Existing positions closed: 114
14% more repeat investments, than reductions
Existing positions increased: 595 | Existing positions reduced: 524
13% more capital invested
Capital invested by funds: $46.8B [Q1] → $53B (+$6.19B) [Q2]
4% more funds holding
Funds holding: 1,433 [Q1] → 1,494 (+61) [Q2]
0.56% more ownership
Funds ownership: 84.51% [Q1] → 85.07% (+0.56%) [Q2]
0% more call options, than puts
Call options by funds: $2.03B | Put options by funds: $2.02B
15% less funds holding in top 10
Funds holding in top 10: 26 [Q1] → 22 (-4) [Q2]
Research analyst outlook
7 Wall Street Analysts provided 1 year price targets over the past 3 months
7 analyst ratings
BMO Capital
Katja Jancic
|
$54
|
Outperform
Maintained
|
24 Jul 2025 |
Morgan Stanley
Carlos De Alba
|
$54
|
Equal-Weight
Downgraded
|
15 Jul 2025 |
UBS
Curt Woodworth
|
$50
|
Neutral
Downgraded
|
11 Jul 2025 |
Scotiabank
Orest Wowkodaw
|
$52
|
Sector Outperform
Maintained
|
9 Jul 2025 |
JP Morgan
Bill Peterson
|
$56
|
Overweight
Maintained
|
9 Jul 2025 |
Stifel
Paul Forward
|
$56
|
Buy
Initiated
|
9 Jul 2025 |
Citigroup
Alexander Hacking
|
$48
|
Neutral
Maintained
|
8 Jul 2025 |
Financial journalist opinion
Based on 19 articles about FCX published over the past 30 days