Freeport-McMoRan Inc. $FCX Shares Newly Acquired by Teamwork Financial Advisors LLC

Teamwork Financial Advisors LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 176,887 shares of the natural resource company’s stock, valued at approximately $12,382,000.

A number of other institutional investors also recently modified their holdings of the stock. State Street Corp lifted its position in shares of Freeport-McMoRan by 3.6% during the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after purchasing an additional 2,300,416 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock valued at $938,197,000 after purchasing an additional 1,810,698 shares in the last quarter. Amundi raised its position in Freeport-McMoRan by 10.5% in the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock worth $743,353,000 after purchasing an additional 1,125,982 shares during the last quarter. Finally, Jupiter Topco LLC bought a new position in Freeport-McMoRan in the 2nd quarter worth approximately $739,890,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Royal Bank Of Canada upped their price objective on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. Weiss Ratings raised Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Stifel Nicolaus lifted their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Erste Group Bank initiated coverage on Freeport-McMoRan in a research report on Thursday, August 27th. They set a “buy” rating for the company. Finally, Morgan Stanley upped their price target on Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.27.

Freeport-McMoRan Trading Up 0.1%

Shares of NYSE:FCX traded up $0.06 during trading on Monday, hitting $69.60. 9,088,772 shares of the company’s stock were exchanged, compared to its average volume of 16,105,257. Freeport-McMoRan Inc. has a 1-year low of $38.54 and a 1-year high of $80.24. The firm has a 50-day moving average price of $72.12 and a two-hundred day moving average price of $66.70. 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 firm has a market cap of $99.95 billion, a P/E ratio of 34.29, a PEG ratio of 0.65 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be paid a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is 14.78%.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lydia H. Kennard sold 3,798 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value 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 represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 110,398 shares of company stock worth $8,387,271. Company insiders own 0.73% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.