Freeport-McMoRan Inc. $FCX Stock Position Lifted by Mirador Capital Partners LP

Mirador Capital Partners LP grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 51.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 112,472 shares of the natural resource company’s stock after purchasing an additional 38,422 shares during the period. Mirador Capital Partners LP’s holdings in Freeport-McMoRan were worth $4,411,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Portside Wealth Group LLC raised its position in shares of Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock worth $1,315,000 after buying an additional 245 shares in the last quarter. Hollencrest Capital Management increased its stake in shares of Freeport-McMoRan by 0.6% during the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock valued at $1,957,000 after acquiring an additional 250 shares during the period. Waterloo Capital L.P. raised its holdings in 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 purchasing an additional 251 shares in the last quarter. Strengthening Families & Communities LLC lifted its position in Freeport-McMoRan by 0.6% in the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after purchasing an additional 261 shares during the period. Finally, WealthCollab LLC boosted its stake in Freeport-McMoRan by 17.1% during the 2nd quarter. WealthCollab LLC now owns 1,820 shares of the natural resource company’s stock valued at $79,000 after purchasing an additional 266 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 9,572 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at $5,053,059.06. The trade was a 21.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $47.55 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.12. The firm’s 50 day simple moving average is $42.20 and its 200-day simple moving average is $42.60. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The company has a market cap of $68.27 billion, a P/E ratio of 33.48, a price-to-earnings-growth ratio of 1.07 and a beta of 1.49.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FCX shares. HSBC decreased their target price on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, November 19th. BNP Paribas Exane reduced their price objective on shares of Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, December 5th. Dbs Bank lowered their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, December 8th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Buy” and a consensus target price of $49.11.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.