Drive Wealth Management LLC bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,524 shares of the natural resource company’s stock, valued at approximately $433,000.
Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $25,000. JPL Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $33,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $36,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $38,000. Finally, Grey Fox Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $39,000. Institutional investors own 80.77% of the company’s stock.
Insider Activity at Freeport-McMoRan
In other news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at $2,529,149.19. The trade was a 21.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard C. Adkerson sold 152,960 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total value of $9,888,864.00. Following the transaction, the chairman directly owned 3,356,159 shares of the company’s stock, valued at approximately $216,975,679.35. This trade represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 317,114 shares of company stock valued at $20,263,571 over the last quarter. 0.79% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
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Freeport-McMoRan Stock Up 4.4%
Shares of NYSE:FCX opened at $64.38 on Tuesday. The business’s 50 day simple moving average is $61.56 and its two-hundred day simple moving average is $55.09. The firm has a market cap of $92.52 billion, a P/E ratio of 34.24, a PEG ratio of 0.74 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.
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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