Nwam LLC Increases Stake in Freeport-McMoRan Inc. $FCX

Nwam LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.3% during the second quarter, Holdings Channel reports. The institutional investor owned 103,423 shares of the natural resource company’s stock after buying an additional 22,802 shares during the quarter. Nwam LLC’s holdings in Freeport-McMoRan were worth $6,504,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its holdings in shares of Freeport-McMoRan by 5.6% in the 4th 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 in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $560,000. Brown Advisory Inc. lifted its position in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC grew its stake in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCX. Sanford C. Bernstein raised their price target on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Royal Bank Of Canada increased their price objective on Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Jefferies Financial Group boosted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Finally, UBS Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $75.72 on Tuesday. The stock has a market capitalization of $108.74 billion, a price-to-earnings ratio of 37.30, a PEG ratio of 0.76 and a beta of 1.37. The firm’s fifty day simple moving average is $65.59 and its 200-day simple moving average is $64.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the previous year, the business posted $0.54 earnings per share. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid 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 is currently 14.78%.

Insider Buying and Selling

In other Freeport-McMoRan news, 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 value of $300,459.78. Following the transaction, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 110,398 shares of company stock valued at $8,387,271 over the last 90 days. Insiders own 0.73% of the company’s stock.

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.