Freeport-McMoRan Inc. $FCX Stake Lifted by Mcdonald Partners LLC

Mcdonald Partners LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 26.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,178 shares of the natural resource company’s stock after buying an additional 8,093 shares during the period. Mcdonald Partners LLC’s holdings in Freeport-McMoRan were worth $1,497,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Portside Wealth Group LLC lifted its position in Freeport-McMoRan by 0.8% in the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock valued at $1,315,000 after purchasing an additional 245 shares during the last quarter. Hollencrest Capital Management increased its stake in shares of Freeport-McMoRan by 0.6% in the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock valued at $1,957,000 after purchasing an additional 250 shares during the period. Benjamin Edwards Inc. raised its holdings in shares of Freeport-McMoRan by 0.6% during the third quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock valued at $1,769,000 after buying an additional 250 shares during the last quarter. Waterloo Capital L.P. boosted its position in shares of Freeport-McMoRan by 3.9% during the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock worth $289,000 after buying an additional 251 shares during the period. Finally, Transcend Capital Advisors LLC grew its holdings in Freeport-McMoRan by 3.1% in the 3rd quarter. Transcend Capital Advisors LLC now owns 8,491 shares of the natural resource company’s stock worth $333,000 after buying an additional 257 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

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

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

Freeport-McMoRan Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FCX. Raymond James Financial boosted their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Stifel Nicolaus raised their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, CICC Research upped their price target on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.59.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at $4,816,035. The trade was a 27.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president directly owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 603,140 shares of company stock worth $37,660,139. 0.79% of the stock is owned by corporate insiders.

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.