Richard Adkerson, Chairman and CEO of Freeport-McMoRan (FCX), has demonstrated a clear selling bias in his recent insider transactions, with no open-market purchases recorded in the past two years. Since early 2024, Adkerson has executed multiple seven-figure sales, including a $15.6 million disposition on February 10, 2026, followed by an $8.6 million sale the next day. These transactions were part of a concentrated selling period that also included a $5.8 million transaction on February 9, 2026, and a $1.6 million sale on February 15, 2026. The pattern extends back to 2024, when Adkerson sold $8.6 million in FCX shares on April 30 and $2.8 million on May 6, offset only by a $11 million acquisition through derivative transactions on April 29 of that year.
Over 25 reported transactions, Adkerson has sold $85.3 million worth of FCX stock while purchasing $21.4 million, with all buying activity occurring through derivative transactions rather than open-market acquisitions. The recent acceleration in selling is notable, with five disposals in early 2026 alone totaling over $29 million. The transactions appear methodical, often clustered around February and May, suggesting potential routine portfolio rebalancing or predetermined trading plans. All activity has been confined to Freeport-McMoRan, where Adkerson has served as CEO since 2003, with no diversification into other securities. The absence of recent buying activity contrasts with the consistent selling pattern, though derivative-based acquisitions in 2024 indicate continued equity exposure.
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