Journey Strategic Wealth LLC Has $524,000 Holdings in Freeport-McMoRan Inc. $FCX

Journey Strategic Wealth LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 36.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,354 shares of the natural resource company’s stock after selling 7,751 shares during the quarter. Journey Strategic Wealth LLC’s holdings in Freeport-McMoRan were worth $524,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Steigerwald Gordon & Koch Inc. bought a new stake in Freeport-McMoRan during the 3rd quarter worth about $25,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $28,000. Salomon & Ludwin LLC increased its position in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 687 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $36,000. Finally, Proffitt & Goodson Inc. raised its position in Freeport-McMoRan by 39.8% during the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 278 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was 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 in the company, valued at approximately $2,529,149.19. This represents a 21.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 603,140 shares of company stock valued at $37,660,139 over the last ninety days. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Trading Down 4.0%

Shares of Freeport-McMoRan stock opened at $65.59 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The firm has a 50-day moving average of $60.18 and a 200-day moving average of $48.95. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75. The stock has a market cap of $94.27 billion, a PE ratio of 43.44, a PEG ratio of 0.79 and a beta of 1.41.

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

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s payout ratio is 19.87%.

Analysts Set New Price Targets

Several research firms have issued reports on FCX. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. BNP Paribas Exane boosted their target price on Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. HSBC increased their price target on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, UBS Group increased their price target on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.59.

About Freeport-McMoRan

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.