Vanguard Capital Wealth Advisors lifted its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 208.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,700 shares of the natural resource company’s stock after acquiring an additional 7,906 shares during the quarter. Vanguard Capital Wealth Advisors’ holdings in Freeport-McMoRan were worth $736,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its position in shares of Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after buying an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth approximately $8,857,000. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Freeport-McMoRan by 205.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock worth $16,122,000 after acquiring an additional 213,477 shares during the last quarter. Finally, Applied Finance Capital Management LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $868,000. 80.77% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
FCX has been the topic of several research analyst reports. The Goldman Sachs Group cut their price objective on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Morgan Stanley lifted their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. BMO Capital Markets reissued an “outperform” rating and set a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Jefferies Financial Group upped their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Finally, Wells Fargo & Company raised their price target on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $70.27.
Insiders Place Their Bets
In related news, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This trade represents a 11.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This trade represents a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 110,398 shares of company stock worth $8,387,271 over the last ninety days. Insiders own 0.73% of the company’s stock.
Freeport-McMoRan Stock Performance
Shares of FCX stock opened at $72.42 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24. The business’s fifty day simple moving average is $65.75 and its 200-day simple moving average is $64.15. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market cap of $104.00 billion, a PE ratio of 35.68, a PEG ratio of 0.74 and a beta of 1.40.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter last year, the firm earned $0.54 EPS. The business’s quarterly revenue was down 7.3% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.
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.
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