IPG Investment Advisors LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 22,805 shares of the natural resource company’s stock, valued at approximately $1,596,000.
Several other institutional investors have also made changes to their positions in FCX. NBH Bank acquired a new stake in Freeport-McMoRan during the second quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan in the 1st quarter valued at $29,000. Roxbury Financial LLC raised its holdings in Freeport-McMoRan by 196.5% in the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 393 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Freeport-McMoRan in the 1st quarter valued at $39,000. Finally, Archer Investment Corp bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $45,000. 80.77% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several analysts have recently issued reports on the company. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. BMO Capital Markets raised their price target on Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Stifel Nicolaus boosted their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Weiss Ratings cut shares of Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Finally, Bank of America upped their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $75.30.
Get Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Stock Down 1.9%
Shares of FCX opened at $61.77 on Wednesday. The firm has a 50 day simple moving average of $71.00 and a two-hundred day simple moving average of $65.26. The company has a market cap of $88.70 billion, a P/E ratio of 25.95, a P/E/G ratio of 0.58 and a beta of 1.38. Freeport-McMoRan Inc. has a one year low of $38.54 and a one year high of $80.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.36 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s revenue was up 8.2% compared to the same quarter last year. Research analysts forecast that Freeport-McMoRan Inc. will post 3.04 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were paid a $0.0750 dividend. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 12.61%.
Insider Activity
In other news, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president directly owned 211,016 shares in the company, valued at $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lydia Kennard sold 3,798 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.73% of the company’s stock.
Freeport-McMoRan Profile
Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.
Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.
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