Westpac Banking Corp purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 7,073 shares of the natural resource company’s stock, valued at approximately $445,000.
Other large investors also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $25,000. Steph & Co. boosted its stake in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan during the first quarter worth $29,000. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan in the fourth quarter worth $29,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan in the fourth quarter worth $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.
Freeport-McMoRan Stock Performance
FCX opened at $76.68 on Friday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $77.33. The company has a market cap of $110.11 billion, a price-to-earnings ratio of 37.77, a PEG ratio of 0.76 and a beta of 1.37. The company’s fifty day moving average price is $64.55 and its two-hundred day moving average price is $63.42. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.
Freeport-McMoRan Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.
Insider Transactions at Freeport-McMoRan
In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,600 shares of company stock valued at $1,802,012 in the last quarter. Company insiders own 0.73% of the company’s stock.
Analyst Ratings Changes
Several research firms have weighed in on FCX. Barclays lifted their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. The Goldman Sachs Group reduced their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Morgan Stanley boosted their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Finally, BNP Paribas Exane increased their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $70.27.
Get Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan 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.
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