A director at Freeport-McMoRan Inc. sold shares worth $300,470 on August 27 as the company's stock approached a 52-week high.
Lydia H. Kennard disposed of 3,798 ordinary shares at prices ranging from $79.10 to $79.18 per share, according to regulatory filings. The weighted average sale price was $79.1129, bringing her total beneficial ownership to 122,702 shares, including 2,800 restricted stock units.
Freeport-McMoRan's shares have gained 74% over the past year and were trading near their 52-week high of $80.24 at the time of the transaction. The company reported adjusted earnings of $0.74 per share in the second quarter, exceeding Wall Street expectations of $0.59 per share, while revenue reached $7.03 billion against forecasts of $6.71 billion.
Market reaction to the earnings release was mixed, with concerns arising from increased capital expenditures and revised project timelines. Analysts at Erste Group initiated coverage on Freeport-McMoRan with a buy rating, though production volumes for copper and gold are expected to decline through 2026 due to operational changes in Indonesia. Molybdenum output, produced as a byproduct, was cited as a stabilizing factor.
