Philadelphia Investment Partners LLC Makes New $1.88 Million Investment in Freeport-McMoRan Inc. $FCX

Philadelphia Investment Partners LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 29,421 shares of the natural resource company’s stock, valued at approximately $1,880,000. Freeport-McMoRan comprises 1.2% of Philadelphia Investment Partners LLC’s holdings, making the stock its 27th largest position.

Several other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC increased its position in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Freeport-McMoRan during the second quarter valued at approximately $560,000. Brown Advisory Inc. grew its stake in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC grew its stake in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after purchasing an additional 14,992 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were 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 directly owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction on 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 transaction, the executive vice president directly owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 106,600 shares of company stock valued at $8,086,812 in the last quarter. 0.73% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. Bank of America increased their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, July 9th. UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Jefferies Financial Group boosted their target price 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, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $79.05 on Thursday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average price is $65.11 and its two-hundred day moving average price is $63.80. The firm has a market capitalization of $113.52 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 0.79 and a beta of 1.37. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating 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 company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period last year, the firm posted $0.54 earnings per share. The business’s revenue was down 7.3% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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 dividend of $0.075 per share. 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 currently 14.78%.

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.