Freeport-McMoRan slides as macro risk spikes and Grasberg overhang returns to focus

Freeport-McMoRan Inc. (FCX) is down 7.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The move looks tied to a risk-off tape in commodities and cyclicals as energy prices surged and global equities weakened, pressuring copper-linked miners. At the same time, investors appear to be refocusing on near-term uncertainty around Freeport’s Indonesia operations after the 2025 Grasberg disruption, which has been expected to weigh on volumes and costs into 2026.

Details:

Global markets turned defensive amid a sharp jump in crude oil prices, a backdrop that can weigh on economically sensitive materials stocks and base metals sentiment.

Freeport’s near-term copper sales outlook has been viewed as constrained by reduced contribution from Indonesia in early 2026 following the Grasberg incident, keeping operational execution risk in focus.

Recent market commentary has highlighted that a stronger U.S. dollar and elevated oil prices can pressure copper and related equities, contributing to outsized daily swings in FCX.

This could also be amplified by positioning after FCX’s strong run into late February, making the stock more vulnerable to a fast de-risking day.

Sources:

Associated Press, Zacks Investment Research, Schaeffer's Investment Research

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$FCX Insider Trading Activity

$FCX insiders have traded $FCX stock on the open market 9 times in the past 6 months. Of those trades, 0 have been purchases and 9 have been sales.

Here’s a breakdown of recent trading of $FCX stock by insiders over the last 6 months:

RICHARD C ADKERSON (Chairman of the Board) has made 0 purchases and 3 sales selling 400,991 shares for an estimated $25,464,329.
DOUGLAS N. II CURRAULT (EVP & General Counsel) sold 75,000 shares for an estimated $4,838,812
STEPHEN T. HIGGINS (EVP & CAO) has made 0 purchases and 2 sales selling 58,077 shares for an estimated $3,232,102.
MAREE E. ROBERTSON (EVP & CFO) sold 48,500 shares for an estimated $2,985,175
ELLIE L. MIKES (Chief Accounting Officer) has made 0 purchases and 2 sales selling 20,572 shares for an estimated $1,138,547.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$FCX Hedge Fund Activity

We have seen 872 institutional investors add shares of $FCX stock to their portfolio, and 771 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 19,921,213 shares (-75.8%) from their portfolio in Q4 2025, for an estimated $1,011,798,408
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 9,924,573 shares (+98.8%) to their portfolio in Q4 2025, for an estimated $504,069,062
FRANKLIN RESOURCES INC added 8,891,743 shares (+31.2%) to their portfolio in Q4 2025, for an estimated $451,611,626
JANE STREET GROUP, LLC removed 7,253,817 shares (-88.9%) from their portfolio in Q4 2025, for an estimated $368,421,365
AMUNDI added 7,192,955 shares (+102.5%) to their portfolio in Q4 2025, for an estimated $365,330,184
CAPITAL RESEARCH GLOBAL INVESTORS removed 6,848,218 shares (-16.3%) from their portfolio in Q4 2025, for an estimated $347,820,992
JPMORGAN CHASE & CO removed 6,454,805 shares (-42.8%) from their portfolio in Q4 2025, for an estimated $327,839,545

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$FCX Congressional Stock Trading

Members of Congress have traded $FCX stock 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $FCX stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 2 times. They made 2 purchases worth up to $30,000 on 11/18, 10/17 and 0 sales.
REPRESENTATIVE LISA C. MCCLAIN sold up to $15,000 on 09/25.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$FCX Analyst Ratings

Wall Street analysts have issued reports on $FCX in the last several months. We have seen 10 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Argus Research issued a "Buy" rating on 02/13/2026
Citigroup issued a "Buy" rating on 01/12/2026
Scotiabank issued a "Sector Outperform" rating on 11/19/2025
Morgan Stanley issued a "Overweight" rating on 11/19/2025
BMO Capital issued a "Outperform" rating on 11/19/2025
Wells Fargo issued a "Overweight" rating on 10/08/2025
UBS issued a "Buy" rating on 10/03/2025

To track analyst ratings and price targets for $FCX, check out Quiver Quantitative's $FCX forecast page.

$FCX Price Targets

Multiple analysts have issued price targets for $FCX recently. We have seen 12 analysts offer price targets for $FCX in the last 6 months, with a median target of $52.0.

Here are some recent targets:

Orest Wowkodaw from Scotiabank set a target price of $72.0 on 02/20/2026
Bob Brackett from Bernstein set a target price of $54.0 on 01/23/2026
Daniel Major from UBS set a target price of $70.0 on 01/23/2026
Timna Tanners from Wells Fargo set a target price of $64.0 on 01/13/2026
Alexander Hacking from Citigroup set a target price of $67.0 on 01/12/2026
Bill Peterson from JP Morgan set a target price of $68.0 on 01/08/2026
Carlos De Alba from Morgan Stanley set a target price of $44.0 on 11/19/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.