Third View Private Wealth LLC Invests $2.53 Million in Freeport-McMoRan Inc. $FCX

Third View Private Wealth LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 49,842 shares of the natural resource company’s stock, valued at approximately $2,531,000.

Other institutional investors have also modified their holdings of the company. Great Lakes Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after purchasing an additional 115,285 shares in the last quarter. Summit Global Investments lifted its holdings in shares of Freeport-McMoRan by 278.4% during the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock valued at $1,810,000 after purchasing an additional 33,959 shares in the last quarter. Foster Victor Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 5.7% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after purchasing an additional 20,586 shares in the last quarter. Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $3,459,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other news, EVP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the sale, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Richard C. Adkerson sold 152,960 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.65, for a total value of $9,888,864.00. Following the sale, the chairman owned 3,356,159 shares in the company, valued at approximately $216,975,679.35. This represents a 4.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 565,145 shares of company stock worth $35,839,918. Insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $53.50 to $54.00 in a report on Friday, January 23rd. CICC Research boosted their target price on Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a research note on Monday, January 26th. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. Finally, BMO Capital Markets boosted their target price on Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $63.11.

Freeport-McMoRan Trading Up 0.4%

NYSE FCX opened at $68.09 on Tuesday. The stock has a market capitalization of $97.85 billion, a price-to-earnings ratio of 45.09, a PEG ratio of 0.80 and a beta of 1.48. The stock’s 50 day moving average price is $61.62 and its two-hundred day moving average price is $52.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. Freeport-McMoRan Inc. has a 52 week low of $32.12 and a 52 week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 19.87%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.